Another dip in oil prices as market awaits news about US economy

22-Aug-13

Oil on the Nymex dipped to US$104.5 per barrel for October delivery, falling another day. On Tuesday, September delivery tanked by US$2.14, the sharpest decline in two months, to US$104.9 a barrel, while October contract fell by US$1.75 to US$105.1 a barrel. Oil prices fell again Wednesday as traders waited for news of when the US economy is likely to be weaned off the Fed's stimulus program. Minutes are awaited from the Federal Reserve's July policy meeting for hints about when it might begin cutting back on its US$85 billion a month of bond purchases. Evidence that the US economy is improving and statements from Fed officials have prepped investors to prepare for a winding down of asset purchases as early as September.