Oil prices steady as traders monitor demand outlook, await Fed decision
Futures Movers
Published:
Oil futures were trading on either side of unchanged Tuesday morning after gaining three of the past four sessions, with traders looking for direction as they weighed concerns about the outlook for demand a day ahead of a Federal Reserve rate decision.
Price moves
- West Texas Intermediate crude CL00 for October delivery CL.1 CLV24 rose 3 cents, or less than 0.1%, to $70.12 a barrel on the New York Mercantile Exchange.
- November Brent crude BRN00 BRNX24 , the global benchmark, was off 9 cents, or 0.1%, at $72.66 a barrel on ICE Futures Europe.
- Back on Nymex, October gasoline RBV24 rose 0.5% to $1.977 a gallon, while October heating oil HOV24 slipped 0.1% to $2.095 a gallon.
- October natural gas HGV24 gained 0.3% to $2.38 per million British thermal units.
Market drivers
Crude rose Monday, with support tied to lingering effects on U.S. production after Hurricane Francine last week forced the shut-in of offshore oil rigs in the Gulf of Mexico. Concerns remain on the demand front, however, after lackluster economic data and oil consumption figures from China over the weekend.
About the Author
William Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C., newsrooms.