Oil fluctuates with Fed meeting in Focus

New York’s stock markets witnessed a mixed move of futures that switched between gains and losses on Tuesday.

The U.S. central bank will meet, Wednesday, to decide on the fate of asset purchases. Officials are expected to hold interest rates near zero.
Tapering of the Fed’s USD 120 billion in monthly bond purchases is also expected to be issued.

Investors are not sure what exactly to expect tomorrow even if the general consensus is for asset purchases to slow down.

Oil has resumed its move forward over August, partly due to a tightening of the market following lingering supply disruptions from storms. Consumption is simultaneously coming into focus in anticipation that soaring natural gas prices could force a shift towards oil.

Lifting U.S. travel restrictions could add as much as 200000 barrels a day of airplane fuel demand.