The price of Crude Oil has begun to waver in light of economic uncertainty. The TIC Long-Term Purchases report published from the US yesterday helped shake business sentiment, and stocks are trading lower as a result. The surging US Dollar has helped to put a damper on oil prices, but few economists see prices dropping further. Demand concerns appear to have risen out of yesterday's economic data.
On the upside, Crude Oil has failed to breach out of its range-trading pattern and many analysts are expecting a rebound in today's trading. The Federal Reserve Board is due to release their decision on short-term interest rates, and other monetary policies, later today. In light of recent data, rates will not likely be raised, but a hawkish statement could help to return some of the risk which was pulled out of the market yesterday. Such a result would pull the USD back down and help spot Crude Oil prices rebound.