Oil edges lower ahead of Fed meeting
"Oil prices are caught in a clash between two opposing forces, bearish asset allocators who point to monetary contraction and bullish oil speculators expecting lower inventories in 2H23," Bank of America Global Research's Francisco Blanch said in a note.
The Fed's rate hikes have strengthened the greenback, making dollar-denominated commodities more expensive for holders of other currencies and weighing on prices.expect the U.S. central bank to leave interest rates unchanged when it concludes its two-day monetary policy meeting on Wednesday. On the supply side, while Saudi Arabia has cut oil production four times in the past year, Russian supply has held up as sanctions were engineered in a way to have less of an impact on output, Blanch said.have grown despite the implementation of the European Union's embargo and the Group of Seven's price cap mechanism that started in early December.
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