Oil price holding steady

Published: Tuesday | July 30, 2013 Comments 0

The price of oil was little changed Monday ahead of information later this week on oil supplies, United States monetary policy and economic growth.

US benchmark crude lost 15 cents per barrel to finish at US$104.55 in New York. Brent crude, the benchmark for international crudes, rose 28 cents to end at US$107.45 in London.

Crude prices have fallen somewhat after they rose quickly in early July to reach nearly US$110 per barrel in trading on July 19.

Traders are looking for clues Wednesday in an announcement by the Federal Reserve on whether and how long the Fed will scale back its stimulus plan. The Fed has been buying US$85 billion of financial assets a month in an attempt to keep long-term borrowing rates low and help shore up the US economic recovery.

Low interest rates make it easier and more attractive for investors to buy commodities such as oil, bolstering prices.

Traders are also looking to see whether the US Energy Department will report another draw in oil supplies after dropping by a surprisingly large 30 million barrels over the past month.

- AP

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