Crude oil prices were flat Monday morning as traders looked ahead of this week’s interest rate decision from the Federal Reserve.

It remains unlikely that the Fed will hike interest rates before July, but markets are looking for some clarity on the timing of tightening when the Fed releases its accompany statement on Wednesday.

US Crude oil for June was down 2 cents at $57.14 a barrel, little changed from same time a week ago.

Prices have rallied in April amid tensions in the Middle East, including a civil war in Yemen that could interrupt supplies.

However, the Wall Street Journal reports that significant outflows from oil ETFs signal that the crude oil price rally may have run out of fuel.

The material has been provided by InstaForex Company – www.instaforex.com