The black gold rose faintly in New York right after that it was revealed that Federal Reserve decided to reduce its monthly bond-buying program to $75 billion from $85 billion to accordingly watch crude so far trade around $98.00 a barrel recording a high of $98.25 per barrel and a low of $97.28 per barrel.
If truth be told the Federal Reserve took the decision and cut back on its asset purchases program; a move that was anticipated since mid-2013 as the U.S. economy continues to show signs of robust growth.
The Central Bank reduced its monthly pace of purchases by $10 billion a month to $75 billion in Treasuries and mortgage bonds.
As for today’s EIA report, it showed that the U.S commercial crude oil inventories increased as already projected by the market by 2.9 million barrels from the previous week. At 372.3 million barrels while that the total motor gasoline inventories increased by 1.3 million barrels last week.
Plus finished gasoline inventories decreased while blending components inventories both decreased last week and distillate fuel inventories decreased by 2.1 million barrels last week and are near the lower limit of the average range for the time of the year.
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Crude Climbs Faintly After Fed Decides To Curb Stimulus
Published 12/19/2013, 06:23 AM
Updated 07/09/2023, 06:31 AM
Crude Climbs Faintly After Fed Decides To Curb Stimulus
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