Oil prices were stable on Wednesday, September 20, ahead of the US Federal Reserve’s interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. The US Energy Information Administration (EIA) report showed that a weekly draw in crude stockpiles was in line with analysts estimates.
Brent futures for November delivery fell 11 cents, 0.1 per cent, to $94.23 a barrel. US West Texas Intermediate (WTI) crude for October remained unchanged at $91.20. The WTI contract for October expires on Wednesday. WTI crude futures for November, which will soon be the US front-month, was up about 2 cents to $90.49, according to news agency Reuters.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a October 19 expiry, were last trading lower by 0.53 per cent at ₹7,506 per bbl, having swung between ₹7,404 and ₹7,559 per bbl during the session so far, against a previous close of ₹7,546 per barrel.
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Updated: 20 Sep 2023, 09:52 PM IST