Crude oil prices edged higher Monday morning, trimming recent losses ahead of this week’s Federal Reserve interest rate decision.
The Fed is unlikely to raise interest rates but if it does the dollar may strengthen, denting commodity prices.
US WTI crude oil for December was up 15 cents, or 0.4%, to $44.75 a barrel.
Global markets remain oversupplied, preventing crude oil prices from staying above $50 earlier in October.
The Commerce Department is scheduled to release its new home sales report for September at 10 am ET.
Economists expect new home sales to come in at a seasonally adjusted annual rate of 549,000 compared to a 552,000-unit rate in August.
The material has been provided by InstaForex Company – www.instaforex.com