West Texas Intermediate crude traded flat on Tuesday after reaching the highest price in more than four months.
WTI crude futures slid by 0.04% closing at $98.00 per barrel, while Brent crude increased by 0.12% trading at $105.58 per barrel, both as of 6:30am GMT.
According to a survey taken by Bloomberg, U.S crude supplies probably fell by 500,000 barrels last week.
The empire state manufacturing index and NAHB Housing market Index have had some influence on the market sentiment. Reports show that the Empire State Manufacturing index increased from 1.43 in May to 7.84 in June.
According to reports, the central bank in New York said manufacturing conditions in the second district improved modestly in June.
While the National Association of Home Builder’s (NAHB) Housing Market Index rose from 44 in May to 52 in June, exceeding predictions of a rise of 45.
The Energy Information Administration is expected to release its reports on US oil inventories for last week, later today.
Investors main focus this week, is the Federal Reserve’s two-day meeting which will commence later today. Investors are looking out for any possible hints or clues as to what the central bank intentions for its stimulus efforts, which is expected to boost the global growth in the coming years.
Investors have raised concerns over the possibility of the conflict in Syria spreading into larger oil producing regions such as Iraq and KSA. These concerns have been added to the security risk for supplies of the black gold.
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