Crude oil futures inched higher Thursday morning amid speculation that OPEC will finally work together on curbing supplies.
A price war fueled by the cartel’s stubborn insistence to keep pumping oil drove crude prices to their lowest in 12 years in January.
March crude oil was up 12 cents at $32.40 barrel this morning.
There has been little reaction to the Federal Reserve’s downbeat assessment of the US economy.
Yesterday, the Fed said US “economic growth slowed” since its last meeting in December, and that inflation remains stubbornly low.
At 8:30 am ET, the Commerce Department is scheduled to release its durable goods orders report for December.
The material has been provided by InstaForex Company – www.instaforex.com