Oil prices traded in a narrow range early on Wednesday as investors remained cautious ahead of an expected interest rate cut by the U.S. Federal Reserve.
Oil prices traded in a narrow range early on Wednesday as investors remained cautious ahead of an expected interest rate cut by theThe Fed on Wednesday is widely expected to cut interest rates for the third time since its policy easing cycle began."Projections for rate cuts in 2025 are being second-guessed, especially with Trump planning a comeback on January 20.
The fresh sanctions could stoke further oil price volatility though so far they have not succeeded in shutting Russia out of the global oil trade. In the U.S., American Petroleum Institute data on Tuesday showed that crude stocks fell by 4.69 million barrels in the week ended Dec. 13, a source said. Gasoline inventories rose by 2.45 million barrels, and distillate stocks rose by 744,000 barrels, according to the source.
Analysts projected U.S. energy firms pulled about 1.6 million barrels of crude from storage during the week ended Dec. 13, according to a Reuters poll on Tuesday.
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