All eyes towards US Federal Reserve meeting-oil hovers around US$87

As the market awaits results of a US Federal Reserve meeting for possible stimulus measures to spur economic growth, oil prices lingered at US$87. Benchmark oil for October delivery dipped to US$86.76 on the Nymex, while in London, Brent crude for November delivery rose to US$110.63 on the ICE Futures exchange. Slothful US demand is evident from the latest report The American Petroleum Institute that crude inventories rose 2.6 mln barrels last week. Oil prices have been impacted on fears of the Eurozone debt crisis continues to bother the markets.
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