Oil prices rose as traders looked ahead to the Federal Reserve's latest monetary policy decisions and a snapshot of US energy inventories.
|||Oil prices rose on Wednesday as traders looked ahead to the Federal Reserve's latest monetary policy decisions and a snapshot of US energy inventories.
New York's main contract, light sweet crude for delivery in June, climbed 50 cents to $104.05 per barrel.
Brent North Sea crude for June gained 52 cents to $118.68 a barrel in London midday deals.
Federal Reserve policymakers weigh their next move on Wednesday amid erratic recovery for the world's biggest economy.
The Fed's interest rate-setting panel is to end two days of meetings with a decision on whether more stimulus is warranted for a recovery that seemed to be gathering steam before it slowed last month.
Fed Chairman Ben Bernanke has sounded more positive about the state of the economy in recent weeks despite high gasoline (petrol) prices, slowing job growth and European debt problems.
“For crude oil, as well as general risk assets, unless there is a material pick up in macro data which seems unlikely, prices could seem a little rich in the absence of additional liquidity,” said Jack Pollard, an analyst at Sucden Financial Research.
Also on Wednesday, the US Department of Energy publishes data revealing the size of crude inventories in the world's biggest oil consumer. - Sapa-AFP
Source: http://www.iol.co.za/oil-prices-rise-1.1283819
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