Oil falls to $44.00 a barrel, Fed eyed
FXStreet (Córdoba) – Oil faced some selling pressure and dropped to the $44 area as worries about China and mixed expectations ahead of the Federal Reserve meeting weighed on commodities.
Oil prices even shrugged off a report from the Organization of Petroleum Exporting Countries (OPEC) which showed the cartel upwardly revised its world oil demand outlook for 2015.
Crude oil fell to a 4-day low sub-$44.00 a barrell, although it managed to recover slightly afterward. The barrel traded at $44.26 a barrel, down 1.2% on the day.
Both WTI and Brent crude futures lost around 3% last week amid China woes and lingering concerns over a global supply glut.
Oil faced some selling pressure and dropped to the $44 area as worries about China and mixed expectations ahead of the Federal Reserve meeting weighed on commodities.
(Market News Provided by FXstreet)