Oil prices mixed in Asian trade ahead of US Fed meeting outcome
AFP - Oil prices were mixed in cautious Asian trade on Wednesday as dealers await the conclusion of the United States Federal Reserve's policy meeting later in the day, analysts said.
New York's main contract, West Texas Intermediate (WTI) for delivery in September, was up three cents at US$103.11 (S$130.51) a barrel in afternoon trade, and Brent North Sea crude for September fell 22 US cents to US$106.69.
Investors are waiting for a statement from the Federal Open Market Committee (FMOC) at the end of its two-day meeting Wednesday, hoping for some clues about when it will begin to wind down its US$85 billion-dollar-a-month bond-buying scheme.
"The Fed continues to hold investors' attention," Kelly Teoh, market strategist at IG Markets Singapore, said in a note.