Oil extends losses as traders await Fed policy meeting outcomeOctober 30, 2013 - 13:28 AMT PanARMENIAN.Net - Oil extended losses Wednesday, Oct 30, on expectations U.S. crude stockpiles rose again last week because of muted demand. Financial markets also awaited the outcome of the U.S. Federal Reserve's policy meeting. Benchmark U.S. crude for December delivery was down 51 cents at $97.69 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 48 cents to $98.20 on Tuesday and is down about 4 percent in October. Energy Department data due Wednesday for the week ended Oct. 25 is expected to show increases of 3.5 million barrels in crude oil stocks and 1.5 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. U.S. crude supplies rose 21.5 million barrels in the four weeks ended Oct 18, to levels nearly 10 percent above the five-year average. "Bad economy means bad oil prices. There's not much more to understanding the way oil moves outside of that in America," said Carl Larry of Oil Outlooks and Opinions. The market is also waiting for Wednesday's outcome of a two-day Federal Reserve policy meeting. The Fed is expected to reinforce expectations that it won't begin reducing its mammoth monetary stimulus until next year. Brent crude, a benchmark for international crude also used by U.S. refineries, was down 21 cents to $108.80 on the ICE exchange in London. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |