Oil futures struggle for direction early Wednesday as investors awaited data on U.S. inventories, after industry data showed a large drop in crude supplies...
Oil futures struggled for direction early Wednesday as investors awaited data on U.S. inventories, after industry data showed a large drop in crude supplies late Tuesday, while the Federal Reserve is due to announce its latest decision on interest rates later in the session.
Price action Market drivers The American Petroleum Institute, an industry trade group, late Tuesday said U.S. crude inventories fell 6.5 million barrels last week, news reports said, while gasoline stocks were seen down 2.6 million barrels and distillate stocks rose 865,000 barrels. Investors were also awaiting the outcome of a Federal Reserve policy meeting that’s expected to deliver another supersize 75 basis point, or 0.75 percentage point, increase in the benchmark interest rate. The focus is on Fed Chair Jerome Powell’s comments though amid expectations he will signal that smaller rate rises are ahead.
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