Oil Rebounds Before FOMC Meeting

Brent crude rebounded from its lowest settlement in more than two months before the U.S. Federal Reserve meets to review the pace of its stimulus measures for the world’s largest economy.
The North Sea grade advanced as much as 1 percent after closing on Oct. 25 at its lowest since Aug. 8. The Federal Open Market Committee, starting a two-day meeting tomorrow, is likely to delay reducing, or “tapering,” monthly bond purchases until March, according to a Bloomberg News survey of economists. Crude production in Libya, holder of Africa’s largest reserves, dropped to about 250,000 barrels a day after labor protests, according to the state-run National Oil Corp.

via Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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