Oil Rises Before U.S. Interest Rates Decision, Inventory Report

Crude oil rose above $91 a barrel before the Federal Reserve's decision on interest rates and a report on U.S. stockpiles later today.

The Fed is expected to cut U.S. interest rates, potentially weakening the dollar and making oil cheaper for foreign buyers. A U.S. Energy Department report today may say that crude stockpiles rose 400,000 barrels last week, according to a Bloomberg survey.

``There is some uncertainty about the interest rate decision today,'' said Mike Wittner, a commodities analyst with Societe Generale in London. ``If the dollar weakens, then that will be bullish for oil. It's hard to see where the bearish pressure comes from.''

Read Full Article from Bloomberg

- Posted: 2007-10-31 10:41:54

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