Slight fluctuations in oil prices after a month of decline, markets focus on the Federal Reserve meeting

Deltafx Admin 1 February 2023

After retreating in January, oil prices edged lower on Wednesday as markets look for further signs from the Federal Reserve meeting and a potential economic recovery in China.

The resurgence in inventories weighed on oil markets after data from the American Petroleum Institute showed that the country’s stockpiles rose by 6.3 million barrels in the week ended January 27, while a 1 million barrel increase was expected.

The report is in line with official data that will be released later in the day, which could indicate a short-term oversupply of oil in the US markets.

Brent crude futures rose 0.1 percent to $85.54 a barrel, while West Texas Intermediate crude futures rose 0.2 percent to $79.07 a barrel.

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