File photo: Pascagoula refinery, Mississippi. Source: U.S. Energy Information Administration.
U.S. crude oil futures rose early Tuesday, recovering part of Monday’s decline as traders entered a day of U.S. economic releases ahead of the Federal Reserve’s policy decision on Wednesday.
December West Texas Intermediate crude futures, traded under the code CLZ6, stood at $102.55 a barrel, up 79 cents, or 0.78%, on CME Group’s market display last updated at 4:48 a.m. Eastern on October 27. CME says its displayed market data is delayed by at least 10 minutes. The figure is a timestamped futures quote, not a live spot price.
The move followed a lower settlement on Monday. CME’s October 26 daily bulletin lists the December contract at $101.76, down $1.51 for that session, after trading between $100.33 and $103.13.
Shipping warning remains under investigation
Separately, the United Kingdom Maritime Trade Operations agency’s October 26 warning said it had received multiple third-party reports of a vessel on fire 63 nautical miles southeast of Al-Faw, Iraq. The agency said the crew’s status, damage and environmental impact were unknown while authorities investigated.
The warning did not identify the vessel or establish a cause. It does not confirm an attack or an interruption to oil production or exports.
Inventory report due Wednesday
The Energy Information Administration’s release calendar lists its usual weekly petroleum report time as Wednesday at 10:30 a.m. Eastern, with no holiday exception listed for this week. That puts the next scheduled release on October 28.
The Federal Reserve’s October calendar lists its two-day policy meeting for October 27-28, with the decision due Wednesday at 2 p.m. Eastern and a press conference at 2:30 p.m.
JBizNews Desk | New York
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