Oil Rises on Lower Expected Supply and Fed Decision Uncertainty

West Texas Intermediate crude advanced before a government report that’s projected to show U.S. supplies dropped a third week and as the Federal Reserve will announce its decision on a possible reduction of stimulus.

Futures rose as much as 0.5 percent. An Energy Information Administration report today is forecast to show stockpiles fell by 3.5 million barrels, according to a Bloomberg survey. Refinery operations are projected to have increased a fourth week. The Fed will decide whether to maintain or reduce its $85 billion monthly bond buying program at the end of a two-day meeting in Washington.

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