Brent on Wednesday to Trade $47-48.5 Before Fed Data is Published

Anna Bodrova

Senior Alpari analyst

Oil prices this morning are suffering a little, but Brent seems to be holding well around $48, allowing us to talk about bull dominance. Yesterday saw data from the API out. It indicated a decline in US oil reserves by 3.1 million barrels against a forecasted 0.2 million fall. The same report from the EIA is out later today and a consensus in the forecasts doesn’t propose that there’ll be much change in comparison with the figures of last week. It’s unlikely that there’ll be any reaction to the statistics; as the Fed Reserve convenes to make its decision, market participants are exercising caution. Brent on Wednesday is going to be stuck in a $47-48.5 corridor, but only until news from the Fed comes out. WTI is looking to trade $43-46 per barrel.

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