Market awaits latest US Federal Reserve policy decision, as it rebounds on robust US demand

03-Aug-12
Global oil market rebounded on signs of solid demand from USA. However, markets advanced with caution awaiting the latest US Federal Reserve policy decision. Brent North Sea crude for delivery in September gained more than a dollar to US$106.1 a barrel in late afternoon deals in London. New York's main contract, light sweet crude for September, added 80 cents to US$88.2. Prices earlier hit two-week lows on fading hopes for additional stimulus measures from the Federal Reserve and European Central Bank. Crude stockpiles in USA fell by 6.5 mln barrels in the week ending July 27 - much more than market expectations for a drop of 800,000 barrels.
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