LONDON: Crude prices rose on Wednesday as traders awaited the weekly snapshot of energy inventories in the United States, the world's biggest oil-consuming country.
Markets were also looking ahead to the Federal Reserve's latest interest rate decision due on Wednesday and US growth data on Thursday. Brent North Sea crude for delivery in June climbed 46 cents to $124.60 in London deals. New York's main futures contract, light sweet crude for June, gained 43 cents $112.64 a barrel.
The US Department of Energy publishes its energy inventory data for last week at 1430 GMT. Later in the day, the US Federal Reserve announces its latest monetary policy decisions.
Bank policymakers are widely expected to maintain ultra-low interest rates in a bid to support a US economy that has been plagued by high unemployment. Unrest in the north Africa and the Middle East meanwhile continued to rattle the oil market as traders worried about the potential for further supply losses.
Comments
Comments are closed for this article.