NEW YORK: Crude oil prices on both sides of the Atlantic were weaker in choppy trading yesterday after a US government report showed an unexpected build up in crude oil stocks.
Oil trading lacked direction and remained volatile as the market waited on the US Federal Reserve to announce its decision on when or if it might ease its economic stimulus program, market participants said. “The build in crude is putting some selling pressure on prices,” said Gene McGillian, an analyst with Tradition Energy in Stamford, Connecticut. “But the market is waiting on the Fed communique.”
Brent crude oil futures for August delivery were up 4 cents to $106.06 a barrel at 12.18pm EDT (1618 GMT) after trading as high as $106.59. US crude oil futures were trading 17 cents lower at $98.27 per barrel after hitting a nine-month high of $99.01.
Reuters
