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 | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says. Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |