U.S. crude edges below $93 on fears of Fed uncertainty U.S. crude futures slipped below $93 a barrel to near 4-1/2 month lows in early Asian trade on Wednesday, hit by speculation the Federal Reserve may ease monetary stimulus and expectations of a build up of U.S. crude stocks. The contract shed more than $2 per barrel on Tuesday after Atlanta Fed President Dennis Lockhart said a reduction of the central banks quantitative easing program remains a possibility at the banks next policy meeting on Dec. 17-18. Expectations for an increase in U.S. crude stockpiles also pressured prices with a preliminary poll of Reuters analysts forecasting a 1-million barrel rise when the U.S. Energy Information Administration publishes its data on Thursday. Industry group the American Petroleum Institute will release its report on U.S. crude stocks on Wednesday at 2130 GMT. U.S. crude for December delivery was down 8 cents at $92.96 per barrel at 0022 GMT, after settling $2.10 lower. * OPECs production remains higher than next years global requirement for its crude, the exporter group said on Tuesday, even after Saudi Arabia cut production from a record high level. * Dozens of protesters blocked the front gate of Libyas Zawiya refinery and oil port on Tuesday, an oil official said, but production continued at the 120,000 barrel-per-day plant. * The United States will stride past Saudi Arabia and Russia to become the worlds top oil producer in 2015, the Wests energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for OPEC supply.
Posted on: Wed, 13 Nov 2013 01:03:23 +0000