Oil Rises on Low Inventories Ahead of Fed Decision

West Texas Intermediate advanced for the first time in four days ahead of a Federal Reserve decision on bond purchases and U.S. government data forecast to show crude inventories fell to the lowest in a year.
Futures gained as much as 1.1 percent. Crude stockpiles dropped by 1.2 million barrels last week to 359 million, the least since August 2012, a Bloomberg News survey showed before a report today from the Energy Information Administration. The Federal Open Market Committee wraps up a two-day policy meeting at which it will probably decide to curb its $85 billion of monthly bond purchases, according to the median response of 64 economists in a Bloomberg News survey.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza