On the final day in April, Brent crude oil looks poised for the largest monthly decline in almost a year. The commodity has been under heavy pressure this month as weak economic data from the world's largest oil consumers piled up.
Brent traded at $103.55 at 5:55 GMT on Tuesday morning, the result of optimistic hopes for global economic stimulus.
The US Federal Reserve is set to begin a two day meeting on Tuesday afternoon at which policy makers will discuss the bank's bond buying stimulus program. At the moment, the Fed buys $85 billion worth of debt each month, but the news has been peppered with speculation about when the bank will start to scale back.
Following a string of poor data which suggested a stunted economy recovery, many investors are expecting talks of easing up on stimulus to be tabled. Instead, according to CNBC, some are hoping the central bank will decide to buy more bonds.
The eurozone has also been plaguing Brent prices as the region seems stuck in a never ending financial crisis. On Monday data showed that the nation's economic confidence diminished more than expected in April. The disappointing figures added to speculation that the European Central Bank will cut interest rates at its monthly meeting on Thursday.
This week investors will be eyeing China, as some are expecting to see an increase in factory activity. Positive data would be a welcome change after the nation's HSBC purchasing managers' survey showed that industrial activity and new export orders both shrank.
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