Platinum House Financial: NEWS

April 26, 2011 - PRLog -- Oil Turns Positive Ahead of the Fed Meeting

Oil bounced from earlier losses on Tuesday on low trading volumes as some investors took advantage of the dip to buy, though gains were limited ahead of a closely watched US Federal Reserve policy meeting.
Prices were also capped by the fall in silver and by a remark from Saudi Arabia that the world's top oil exporter was concerned about the economic impact of expensive oil.

North Sea Brent crude   123.89    0.23  (+0.19%)    futures were trading 37 cents up at $124.03 a barrel, having fallen to as low as $122.66 earlier.

US crude futures were trading 10 cents up at $112.38 a barrel, having dropped by more than $1.

On Monday, US crude 112.08    -0.20  (-0.18%)   had hit $113.48, the highest since September 2008.

Trading volumes were moderate for both contracts.

Analysts said that some investors would rely on technical indicators to make profits from short-term trading and that the price range might remain very narrow.

"This week, it will be all about the Fed meeting. Volume and volatility will come back after the meeting," said Olivier Jakob with Petromatrix in Switzerland.

Investors were transfixed by the meeting, due to start later on Tuesday, particularly since Ben Bernanke is to give the first regularly scheduled news briefing by a Fed chief in the bank's 97-year history following its decision on Wednesday.

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