Oil holds loss near USD 41 with focus turning to US stockpiles

Oil held a loss to trade near USD 41 a barrel after analysts forecast US crude stockpiles continued to swell last week, overshadowing expectations for a dovish statement from the Federal Reserve.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

Futures in New York were steady in Asian trading after closing down 1.4 percent on Tuesday. US inventories grew by 450,000 barrels last week, according to a Bloomberg survey, which would be the third increase in four weeks. The American Petroleum Institute reported a 6.83-million-barrel drop in stockpiles, but said that gasoline supplies rose, according to people familiar with the data.

Investors are waiting for the conclusion of the Fed’s policy meeting on Wednesday, with the US central bank expected to signal it will keep interest rates near zero for longer as the coronavirus continues to surge. Florida reported a record death toll, while a resurgence of cases across the Asia-Pacific is being viewed as an early warning sign for the rest of the world.

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