TOKYO: Oil prices climbed rose in Asia ahead of US Federal Reserve meeting and release of the latest American supply report in this context.
“The focus is clearly on the Fed,” Singapore´s United Overseas Bank said in a commentary. A statement on the two-day Fed meeting´s outcome will be released at 1800 GMT on Wednesday. The US central bank is expected to announce an end to its vast asset-buying programme, which was credited with propping up the world´s biggest economy after the 2008 financial crisis.
Traders, having already discounted an end to the “quantitative easing” programme, are more interested in what bank policy makers say about the future direction of US interest rates. US benchmark West Texas Intermediate for December delivery rose 29 cents to $81.71 while Brent crude for December was up 38 cents at $86.41 in afternoon trade.
