Investing.com - Crude oil futures were lower on Tuesday, as markets were jittery ahead of the Federal Reserve's two-day policy-setting meeting, set to begin later in the day, amid ongoing uncertainty over the future of the central bank's stimulus program.
On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD104.05 a barrel during European morning trade, down 0.48%.
The September contract settled down 0.14%, at USD104.55 a barrel on Monday.
Oil prices came under pressure as the U.S. dollar strengthened ahead of the Fed's upcoming monetary policy statement. A recent string of U.S. economic reports fuelled further uncertainty over whether the central bank will soon begin to scale back its bond-buying program.
On Monday, industry data showed that U.S. pending home sales fell 0.4% in June, less than the expected 1% decline, after a 5.8% rise the previous month.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
However, possible supply disruptions in the Middle-East still supported oil prices, after assailants attacked an Islamist party office in Tripoli on Monday and a soldier was killed in fighting in Benghazi.
Separately, ongoing protests in Egypt continued to fuel worries the conflict may spill over into other countries in the region.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery eased 0.03% to trade at USD107.42 a barrel, with the spread between the Brent and crude contracts standing at USD3.37 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD104.05 a barrel during European morning trade, down 0.48%.
The September contract settled down 0.14%, at USD104.55 a barrel on Monday.
Oil prices came under pressure as the U.S. dollar strengthened ahead of the Fed's upcoming monetary policy statement. A recent string of U.S. economic reports fuelled further uncertainty over whether the central bank will soon begin to scale back its bond-buying program.
On Monday, industry data showed that U.S. pending home sales fell 0.4% in June, less than the expected 1% decline, after a 5.8% rise the previous month.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
However, possible supply disruptions in the Middle-East still supported oil prices, after assailants attacked an Islamist party office in Tripoli on Monday and a soldier was killed in fighting in Benghazi.
Separately, ongoing protests in Egypt continued to fuel worries the conflict may spill over into other countries in the region.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery eased 0.03% to trade at USD107.42 a barrel, with the spread between the Brent and crude contracts standing at USD3.37 a barrel.