Crude Oil Rebounded ahead of FOMC Meeting

Crude oil prices rebounded on WTI-Brent spread trading and a report from Reuters anticipating decline in Cushing stock. These upstaged speculations over the increase supplies as tensions in Libya ease and Iran prepares to resume exports. The front-month WTI contract gained +1.77% to settle at 97.41, after a 2-day drop, while the Brent crude contract climbed +0.67% to settle at 107.41. The spread narrowed to -10 at close, a level not seen since early November last year.

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Crude Oil Rebounded ahead of FOMC Meeting