Gulf News reported that Brent crude rebounded towards USD 126 as investors awaited comments from the US central bank after the outlook improved for the world's largest economy amid simmering tension between the West and Iran that could threaten oil supply.
The Fed was expected to reinforce a view prompted by recent data that the US economy is recovering, buoying the demand outlook for the world's largest oil consumer but it is unlikely to kick off further quantitative easing.
Mr Tetsu Emori Tokyo based commodities fund manager at Astmax Investments said that “The FOMC could recognize that the economy has improved and this will have a positive impact on the market."
