Brent Oil at $107.70 ahead of U.S. Fed Decision

Brent futures held steady above $107 a barrel on Wednesday ahead of the outcome of the U.S. Federal Reserve’s two-day meeting due later in the day, with prices supported as concerns of turmoil in emerging economies eased.

Asian markets rallied and most other risk assets improved after Turkey stunned investors with a huge hike in interest rates, stirring hopes the drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite.

Brent crude gained 2 cents to $107.43 a barrel by 0241 GMT, after ending 72 cents higher. U.S. oil fell 21 cents to $97.19, after settling at its highest since December 31.

CNBC

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.