Brent crude oil eased slightly as investors awaited details from the two day Federal Reserve meeting that kicked off on Tuesday. The commodity traded at $105.24 at 9:52 GMT on Tuesday morning.
The US Federal Reserve has been closely watched since Chairman Ben Bernanke indicated that the bank would roll back some of its stimulus spending if US data showed steady improvement. Its $85 billion per month bond buying plan has weakened the dollar by pumping the currency into the market which in turn boosted commodity prices.
A recent string of positive data from the US has many speculating that the Fed will cut back on spending sooner rather than later. Should the bank ease up on its bond buying program, the dollar would strengthen which would put pressure on Brent prices.
Brent is also being supported by the expanding Syrian Civil war, where tension ratcheted up after Barack Obama approved the decision to arm rebels fighting against Syrian President Bashar al-Assad. CNBC reported that at a G8 summit, world leaders started to pressure Russian President Vladimir Putin to ease his support of the Syrian president. The conflict in Syria has lifted oil prices despite the fact that the nation is not a key oil supplier because of the nation's position in the oil rich Middle East. Many are worried that the expanding conflict could spill over the nation's borders and pull Syria's oil rich neighbors into a larger war. A standoff between the US and Iran over Tehran's nuclear program has also kept Brent prices supported over the past few years. However, after Iranian elections over the weekend produced a new, more moderate leader, many are hoping that the two sides can ease tensions.
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Brent Slips Modestly Ahead Of Fed Meeting
Published 06/18/2013, 07:52 AM
Updated 05/14/2017, 06:45 AM
Brent Slips Modestly Ahead Of Fed Meeting
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