June Nymex crude oil prices are trading steadily at $104.41 a barrel Thursday, supported by a move higher in equities, after the U.S. Federal Reserve’s meeting on interest rates offered up few surprises. Expectation levels that the Federal Reserve could do more if required to lift the economy helped keep oil prices buoyant, with the market recovering the majority of its losses incurred during yesterday’s U.S. trading hours. June Nymex crude oil eventually bottomed out at $103.11 and then turned higher after the FOMC announcement had been absorbed by the market. Prices pared their earlier losses to trade up to $104.57 a barrel before paring back a little to now trade at $104.18 up 6 cents on the session. U.S. crude inventories showed a rise of almost 4 million barrels in the week up to April 20th, posting a gain for the fifth consecutive week, according to the U.S. Energy Information Administration (EIA). The average forecast, compiled via a Reuters poll, had called for a 2.7mln barrel build.
EasyForexNews Research Team