Crude oil futures rose today as investors wait on the U.S. Federal Reserve meeting and the final reading on U.S. inventories.
MarketWatch reported that on the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $82.43 a barrel today, up $1 in the Globex electronic session. December Brent crude on London's ICE Futures exchange rose $1.20 to $87.23 a barrel. Bloomberg added that WTI for December delivery rose as much as $1.30 to $82.72 a barrel in electronic trading on the New York Mercantile Exchange, the highest since Oct. 22.
Investors are waiting on the Federal Open Market Committee's statement, set for 2 p.m. Wednesday. As MarketWatch noted, the Fed's announcements will presumably set the overall tone for the financial and commodity markets.
"The latest recovery is more likely the result of external factors such as a weaker U.S. dollar, firmer equity markets and increased US consumer confidence than any improvement in the fundamental data," said analysts at Commerzbank Commodity Research, in a note featured in MarketWatch.
Some analysts are also expecting the flagging crude oil prices to receive a bump if producers cannot do better than break even on their products.
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