Oil awaits Fed decision

Crude oil rose amid lower US stocks and the attention of investors to the upcoming Fed decision on interest rates.

On Friday, the research group Baker Hughes (NYSE: NYSE: BHI) will release new estimates on the number of rigs drilling for oil in the US. They have fallen by 10 last week to 652, the second consecutive weekly decline.

On NYME, WTI crude oil for October delivery rose 0.19% to $ 47.24 a barrel.

On the ICE, Brent crude for November delivery fluctuated between $ 47.71 and $ 50.33, before closing at $ 49.74, with an increase of 2.00 dollars, or 4.18 percent per day. The spread between domestic and international benchmark US crude oil amounted to $ 2.60 to stay near eight-month low.

In its weekly petroleum report, the Energy Information Administration of the United States (EIA), says that US commercial crude oil inventories for the week ending September 11 fell by 2.1 million barrels from the previous week.

Production of crude oil, meanwhile, continued its steady decline as production last week fell by 18,000 barrels per day to 9 million. He noted the seventh consecutive week of decline. In early June, crude production in the US reached more than 9.6 million barrels per day, its highest level in more than 40 years.

The jump in oil prices comes a day before the FOMC to raise the key interest rate for the first time in almost a decade. An increase in interest rates is expected to boost the dollar, making it more attractive for forex traders looking for investments with high returns.

The black gold is likely to be under pressure in today's day and waiting for the data from the US.

E.Dimitrov JrTrader