Oil prices were stable in early trading on Wednesday after rising more than 1% in the previous session due to drone attacks on Russian ports and refineries. Traders are also awaiting a widely expected interest rate cut by the U.S. Federal Reserve.
اضافة اعلان
Brent crude futures fell one cent to $68.46 per barrel by 01:14 GMT, while West Texas Intermediate (WTI) futures also dropped one cent to $64.51 per barrel.
Reuters reported on Tuesday that three sources in the oil sector said Transneft, the Russian state-owned pipeline operator, warned producers they might need to cut production following drone strikes by Ukraine on export terminals and refineries.
Oil prices rose more than 1% in the previous session over concerns about potential disruptions to Russian supply.
Market participants are closely watching the Fed meeting, which began Tuesday and concludes Wednesday, as Stephen Mnuchin joins deliberations while Lisa Cook faces President Donald Trump’s efforts to remove her.
A 25-basis-point interest rate cut by the Federal Reserve is widely expected on Wednesday, a move that could stimulate the economy and boost fuel demand.
--(Agencies)
