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Reply #3: Oil hangs below $71 ahead of US Fed meeting [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-11-09 04:46 AM
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3. Oil hangs below $71 ahead of US Fed meeting
SINGAPORE Oil prices hung below $71 a barrel Tuesday in Asia as crude investors joined a pause in a stock market rally ahead of a U.S. central bank meeting.

Benchmark crude for September delivery was up 31 cents to $70.91 a barrel by late afternoon in Singapore in electronic trading on the New York Mercantile Exchange. On Monday, the contract fell 33 cents to settle at $70.60.


A two-day meeting of the Federal Reserve starts Tuesday. This week the U.S. government will also report July retail sales and several major retailers will announce their second quarter results.


In other Nymex trading, gasoline for September delivery rose 1.26 cents to $2.04 a gallon and heating oil was steady at $1.93. Natural gas for September delivery gained 4.1 cents to $3.68 per 1,000 cubic feet.
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