Oil prices stagnate below US$97 as market awaits news from Europe and USA

Oil prices traded virtually flat below US$97 on the NYmex, as traders await news from Europe and USA that could largely impact the financial markets. In London, Brent crude, used to price international varieties of oil, inched up to US$114.9 on the ICE Futures exchange. Market players await the outcome of a two day meeting of the US Federal Reserve. The market anticipates another monetary stimulus on Thursday. Speculation abounds that the Obama administration is closely studying the possibility of an emergency release of oil reserves in order to keep prices down.
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