Brent futures slipped towards $109 a barrel on Tuesday as the biggest gain in two weeks overnight prompted investors to sell ahead of a key U.S. Fed meet in which the central bank may take a decision on tapering its stimulus.
Investors are awaiting details from the Federal Reserve later this week on when it may start to reduce its $85 billion-a-month bond-buying program, a major driver of investment in global commodities. Yet, a prolonged halt in Libyan exports amid an improving demand outlook may help stem the slide in oil.
Brent crude fell 22 cents to $109.19 a barrel by 0305 GMT, after settling $1.64 higher. U.S. crude also dropped 22 cents to $97.26, after ending 88 cents higher.
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.