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Crude oil futures rose on Tuesday as traders are awaiting the start of a two-day meeting of the Federal Reserve System, the outcome of which will depend on the future dynamics of oil prices.
Today starts the meeting of the Committee on the Federal Open Market , which resulted , as analysts suggest , the controller will cut another $ 10 billion program volume QEIII. Against this background , experts predict that the price of oil in the next two days will be traded in a limited range while maintaining prospects for further growth. Recall that last month the Fed surprised some investors when it announced plans to launch phase out its purchase of bonds to $ 75 billion to $ 85 billion . Since that time , the stock market retreated on concerns about economic growth in emerging markets , which potentially complicates the path to further reduce the bond purchases.
Meanwhile, traders say prices are rising amid lingering harsh weather conditions in the U.S., which lead to a reduction in the quantity of fuel in the country.
"The cold weather in the U.S. helped boost demand for heating oil and propane, as well as create a shortage of fuel supplies in the region" , - experts said Goldman Sachs Group Inc.
Add that analysts also expect a report tomorrow from the U.S. Energy Information Administration , which is estimated to show another weekly decline in distillate stocks . Stocks. Some experts also expect that crude oil inventories rose by more than 2 million barrels for the week ended January 24. If this forecast proves correct , it will be the second consecutive increase Nedalniy , after a seven-week fall.
Furthermore , we recall that today its inventory report will present the American Petroleum Institute , which will help better prepare for tomorrow's data, and possibly revise estimates
March futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $97.45 per barrel on the New York Mercantile Exchange (NYMEX).
March futures price for North Sea Brent crude oil mixture increased by 55 cents to $107.50 a barrel on the London exchange ICE Futures Europe.
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