Oil gains ahead of Fed meeting as Middle East conflict persists
© Reuters. An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Picture taken on November 12, 2021. Mandatory credit Kyodo/via REUTERS/File Photo
"Crude prices are steadying ahead of a key issuance update by the Treasury and FOMC rate decision," said Edward Moya, senior market analyst at OANDA, referring to the Federal Open Market Committee that sets the direction of U.S. monetary policy. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption.
While the market is now tightening at a moderate pace, it"may become very tight in a more distant future," although productivity and oil demand trends will also be critical, the analysts added.
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