Oil prices creep higher after crushing Oct; Fed squarely in focus
Investing.com-- Oil prices rose slightly in Asian trade on Wednesday, recovering from their worst month in five as traders priced in a smaller risk premium from the Israel-Hamas war, with focus now turning to a Federal Reserve decision on interest rates.
Oil prices plummeted in recent sessions amid increasing bets that the Israel-Hamas will not meaningfully affect Middle Eastern crude flows, especially as no other Arab powers appeared to have joined the conflict. Crude saw some degree of bargain buying, as some traders held out hope that tighter supplies will still offset weakening demand in the coming months.rose 0.3% to $81.28 a barrel by 20:09 ET . Both contracts tumbled more than 10% in October, their worst month since May.limited any major recovery in oil prices, as the greenback stayed near a 11-month high in anticipation of the Fed decision.at the conclusion of a meeting later in the day.
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