AIRLINK 60.45 Decreased By ▼ -0.52 (-0.85%)
BOP 6.32 Increased By ▲ 0.03 (0.48%)
CNERGY 4.39 Increased By ▲ 0.06 (1.39%)
DFML 16.00 Increased By ▲ 0.14 (0.88%)
DGKC 69.01 Decreased By ▼ -0.29 (-0.42%)
FCCL 18.09 Decreased By ▼ -0.11 (-0.6%)
FFBL 26.24 Decreased By ▼ -0.01 (-0.04%)
FFL 9.34 Increased By ▲ 0.11 (1.19%)
GGL 10.24 Decreased By ▼ -0.01 (-0.1%)
HBL 115.42 Decreased By ▼ -1.58 (-1.35%)
HUBC 116.06 Increased By ▲ 1.58 (1.38%)
HUMNL 7.03 Increased By ▲ 0.10 (1.44%)
KEL 5.02 Increased By ▲ 0.13 (2.66%)
KOSM 5.68 Increased By ▲ 0.35 (6.57%)
MLCF 38.72 Increased By ▲ 0.22 (0.57%)
OGDC 132.17 Increased By ▲ 8.20 (6.61%)
PAEL 21.76 Decreased By ▼ -0.09 (-0.41%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.10 No Change ▼ 0.00 (0%)
PPL 119.87 Increased By ▲ 6.12 (5.38%)
PRL 28.17 Decreased By ▼ -0.13 (-0.46%)
PTC 12.08 Increased By ▲ 0.63 (5.5%)
SEARL 51.80 Decreased By ▼ -0.50 (-0.96%)
SNGP 68.77 Increased By ▲ 1.07 (1.58%)
SSGC 11.46 Increased By ▲ 0.13 (1.15%)
TELE 8.19 Increased By ▲ 0.34 (4.33%)
TPLP 11.53 Decreased By ▼ -0.05 (-0.43%)
TRG 72.75 Increased By ▲ 0.94 (1.31%)
UNITY 23.62 Increased By ▲ 0.52 (2.25%)
WTL 1.37 Increased By ▲ 0.08 (6.2%)
BR100 6,790 Increased By 72.9 (1.09%)
BR30 23,078 Increased By 560.6 (2.49%)
KSE100 65,952 Increased By 626 (0.96%)
KSE30 22,417 Increased By 271.6 (1.23%)

NEW YORK: Oil prices were little changed on Wednesday ahead of the U.S. Federal Reserve’s interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand.

A U.S. Energy Information Administration (EIA) report showed that a weekly draw in crude stockpiles was in line with analysts estimates.

Brent futures for November delivery fell 11 cents, 0.1%, to $94.23 a barrel by 11:00 a.m. EDT (1500 GMT). U.S. West Texas Intermediate (WTI) crude for October remained unchanged at $91.20.

The WTI contract for October expires on Wednesday. WTI crude futures for November, which will soon be the U.S. front-month, was up about 2 cents to $90.49.

Investors are awaiting the Fed’s interest rate decision at 2:00 p.m. EDT (1800 GMT) to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates on hold, but the focus will be on its projected policy path.

“The oil rally is taking a little break as every trader awaits a pivotal Fed decision that might tilt the scales of whether the U.S. economy has a soft or hard landing,” said Edward Moya, senior market analyst at data and analytics firm OANDA.

India’s July Russian oil imports dip; Saudi import down to 2-1/2-yr low

The U.S. Energy Information Administration (EIA) said energy firms pulled 2.1 million barrels from storage during the week ended Sept. 15. That was in line with forecasts from analysts in a Reuters poll who estimated energy firms pulled about 2.2 million barrels of crude stocks last week. It was far below the draw of about 5.3 million barrels reported on Tuesday in preliminary data from the American Petroleum Institute industry group.

Comments

200 characters