Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict.
Brent January crude futures rose 36 cents, or 0.4%, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday.
"Crude prices are steadying ahead of a key issuance update by the Treasury and FOMC rate decision," said Edward Moya, senior market analyst at OANDA, referring to the Federal Open Market Committee that sets the direction of U.S. monetary policy.. crude oil inventories rose by about 1.3 million barrels last week, while fuel stockpiles fell by about 360,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday.
The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatchin the Euro zone was at its lowest level in two years, falling to 2.9% from 4.3% in September, a Eurostat flash reading showed, leading to expectations the European Central Bank is unlikely to hike interest rates soon.Meanwhile, Brent prices are forecast to reach $100 per barrel by June as stocks descend gently, said Goldman Sachs analysts in a note.
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