US crude peaks to nine month high, Brent dips on the eve of US Fed meeting

18-Jun-13

Brent crude oil futures touched a 10 week high at above US$106 a barrel amid rising tensions in the Middle East, but prices finished slightly lower at US$105.4 after a late sell-off in U.S. gasoline futures. U.S. crude also peaked to a nine month high to hover around US$99 a barrel but also reversed to settle lower at around US$98, as investors exercise caution on the eve of the start of the U.S. Federal Reserve's two-day policy committee meeting on Tuesday. The meeting is expected to provide more clarity on when the central bank will reduce its stimulus program.