Oil prices on Tuesday, 21 September, declined, having fallen under the pressure of the results of the next meeting of the Fed. The negative dynamics of quotations and contributed to expectations that the next report U.S. Department of Energy (US Department of Energy) will show a significant reduction in the load factor of U.S. refineries.
As a result of trading on Sept. 21 at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 1.34 dollars - up to 73.52 dollars per barrel. Validity of the October contract expired on the eve. The cost of the November futures for petroleum of this mark has fallen to 1,22 dollars - to 74.97 dollars per barrel. At the InterContinental Exchange in London, the November contract for Class Brent Crude prices have fallen by 0.9 dollars, closed at 78.42 dollars per barrel.
As a result of the meeting held on Tuesday the U.S. Federal Reserve decided to keep the key discount rate in the range of 0-0,25% per annum. This decision was expected and coincided with forecasts of analysts. Nevertheless, participants in the oil market reacted negatively to the accompanying statement, the regulator, which expressed concern about the situation in the U.S. economy.
As noted in a press release of the Reserve in August, the restoration of the U.S. economy slowed. Costs have increased the country's citizens, but Americans' purchasing power is constrained by a number of obstacles, in particular high unemployment, slow growth in incomes, declining demand in the housing sector and the strict conditions for granting credit. From these and related regulator's decision, at a rate that was adopted to create the ground for the emergence of conditions to accelerate economic recovery.
However, the regulator refrains from taking measures to stimulate the economy and reduce unemployment. He preferred to take a position of observer to see whether the economy recover on its own. The Committee will continue to monitor economic performance and developments in the financial field and is ready to provide additional assistance if needed to support the economy recovered and returned in time to the proper level of inflation, the Fed said in a statement.
