(Patria) - Oil prices rose in Asian trading today. The oil market has also been under pressure from developments in the banking sector in recent days, with crude oil prices reaching their lowest values in 15 months this week.
Today, market participants are awaiting the results of the meeting of the US central bank, the Federal Reserve.
A barrel of West Texas Intermediate crude oil, 159 liters, for May delivery cost $69.09 by the afternoon Singapore time, which is 58 cents less than on Tuesday, reports SEEbiz. North Sea Brent crude for May delivery fell by 63 cents to $74.69, according to the German agency dpa.
Oil traders are eagerly awaiting clarifications from the Federal Reserve today regarding further monetary policy in the US.
Central bankers will announce what will happen with interest rates. Analysts mostly expect a new increase of 0.25 percentage points. Given the problems of some American banks, current interest rate levels could also be maintained.
The Federal Reserve's policy has a significant impact on the American, and thus the global economy, and consequently on oil demand.
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