Oil
prices slipped today after enjoying a recent upturn in line with a
global equities rebound, while analysts said investors will now be
keeping an eye on the US Federal Reserve's next policy meeting.
However, oversupply and lingering concerns about demand in key
markets are capping gains and keeping prices at multi-year lows. US
benchmark West Texas Intermediate for November delivery eased 31
cents to close at USD 82.50 a barrel. Brent North Sea crude for
December fell four cents to USD 86.18. WTI is stuck around levels not
seen since mid-2012, while Brent is at a four-year low. Crude sank in
line with worldwide markets last week on fears about the strength of
the global economy as China, Europe and Japan struggle to kickstart
growth. However, bargain-hunting and indications of loose central
bank monetary policies for some time have supported a rebound this
week, with US stocks surging for three straight sessions. Adding to
downward pressure on oil prices is a supply glut from increased
output of shale in the United States, and price-cutting by major
producers such as Saudi Arabia. Tetsu Emori, fund manager at Astmax
Asset Management in Tokyo, told AFP: "The market seems to have
factored in the supply-demand gap and is looking for oil's bottom.
"It's difficult for traders to move now ahead of the (Fed policy
meeting) next week and amid speculation over the European Central
Bank, including reports that (it) could expand its easing programme."
Reports yesterday said the ECB could expand its bond-buying scheme to
include corporate notes as well as covered bonds and asset-backed
securities. The Fed will hold its next policy meeting next week, with
investors closely watching to see if it will bring an end to its own
bond-buying programme and give any hints about its plans for interest
rates.
Wednesday, October 22, 2014
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