FXstreet.com (Barcelona) - Crude oil received another boost to the upside following an expected rise in crude inventories, as the market awaits the highly anticipated Fed policy announcement. The front-month crude contract recorded a nearly 6-month max at $85.36 a barrel before settling at $84.70 at time of writing.
While the expected 2.0 million barrel rise in US crude stockpiles as reported by the EIA gave a slight impetus to oil futures, crude continues to tightly track movement in the US dollar. So far the greenback remains relatively subdued yet still weak against other major rivals as traders look to see if the scope of the upcoming QE2 measures align with expectations.
