Brent rebound stalls ahead of $94.50 as Fed awaits

In noting the rebound in oil prices since the lows this morning; that rebound has seen the price of November Brent crude rise from an earlier morning low, at $92.76, to as high as $94.49, as the European markets drew to a close. It has just backed away from that rebound high as the oil markets take some stock ahead of the Fed monetary policy meeting in around an hour from now. That is not to say that the Fed decision will necessarily influence the oil price, but it could have an impact on the perceived demand outlook. Whether or not that is the case, we should always expect price action in this commodity and 3-4% swings are quite often the norm. Brent has just rebounded from a dip to $93.70. It is still below that earlier high though, currently trading at $94.35