Oil prices stayed steady on Tuesday as traders awaited the U.S. Federal Reserve’s decision on interest rates, due on Wednesday. Brent crude futures for November were up 9 cents to $72.84 a barrel, and U.S. crude futures for October gained 23 cents to $70.32. Earlier, prices had dipped slightly.
Prices received some support from expectations that U.S. crude stockpiles might be lower and concerns about oil production affected by Hurricane Francine. However, worries about weaker oil demand in China, where refinery output has been falling for five months, limited gains.
The U.S. Federal Reserve is expected to cut interest rates, which could boost oil demand by encouraging economic growth. Traders are also watching for a possible drop in U.S. crude inventories, which might have fallen by around 200,000 barrels last week.
Oil prices are likely to fluctuate as traders weigh these factors and the potential impact of the Fed’s decision.
