Crude Oil Weakens ahead of FOMC Meeting, China Reduces Imports

Crude oil recovered yesterday in tandem with the stock markets. While hopes for the Fed’s resumption of QE remained the key factor driving optimism, rise in the Conference Board’s employment index helped alleviate concerns generated from Friday’s payroll report. The front-month for WTI crude oil price rose to as high as 81.76 before settling at 81.48, up +0.97%. Wall Street firmed with DJIA and S&P 500 Indiced adding +0.4% and +0.5% respectively.

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Crude Oil Weakens ahead of FOMC Meeting, China Reduces Imports