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Oil steady while market eyes Fed rate decision

Oil steady while market eyes Fed rate decision

Published on: December 18, 2024

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Content:

SINGAPORE (Reuters) -Oil prices traded in a narrow range early on Wednesday as investors remained cautious ahead of an expected interest rate cut by the U.S. Federal Reserve, while weighing up the potential supply impact of tighter sanctions on Russia. The market is watching out for clues on interest rate moves for 2025 following the Federal Open Market Committee's (FOMC) meeting, which ends later on Wednesday, analysts said. "Additional sanctions from the West may limit some losses in today's session, but a cautious tone persists in the lead-up to the FOMC meeting," said Yeap Jun Rong, market strategist at IG.

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