MW: Oil futures slip from one-week high with Fed in view
NEW YORK (MarketWatch) — Crude-oil prices fell from a one-week high on Tuesday, as investors remained cautious ahead of the Federal Reserve’s two-day meeting.
Oil for October delivery CLV4, -0.42% lost 23 cents, or 0.3%, to $92.69 a barrel, after settling at the highest level in a week on Monday. London’s ICE Brent for November LCOX4, -0.18% fell 12 cents, or 0.1%, to $97.76 a barrel. The Brent October contract expired on Monday.
The weakness came as investors waited for the Fed to kick off its two-day policy meeting later on Tuesday. The meeting is one of the most closely watched gatherings of the year, as the central bank prepares the groundwork for an eventual rise in interest rates. Read: Eight keys to Fed’s September meeting
Oil investors also eyed a meeting between Russian energy minister Alexander Novak and the Organization of the Petroleum Exporting Countries in Vienna, where they are expected to discuss the recent decline in oil prices. The OPEC-Russia gathering was planned before oil prices dropped below $100 a barrel, but analysts at Commerzbank said in a note that it seems likely that the two parties will discuss a possible coordination of strategy.
Elsewhere in the energy markets, gasoline for October delivery RBV4, -0.01% added 0.1% to $2.53 a gallon, while heating oil for the same month HOV4, -0.28% slipped 0.3% to $2.73 a gallon. October natural-gas futures NGV14, -1.14% lost 0.5% to $3.92 per million British thermal units.
