Crude oil prices were slightly lower Wednesday ahead of the latest monetary policy decision from the Federal Reserve.
Markets are hopng for clarity on the Fed’s outlook for raising interest rates at 2 pm ET.
In the meantime, U.S. inventories data will keep traders busy. The government is out with its official numbers at around 10:30 am ET.
Yesterday, industry group the American Petroleum Institute (API) reported that U.S. crude inventories rose to another record high.
Tensions in the Middle East involving Yemen and a weaker dollar are keeping crude oil prices aloft despite the build in stockpiles.
U.S. crude oil for June was down 30 cents at $56.75 a barrel, holding on to most recent gains.
The material has been provided by InstaForex Company – www.instaforex.com