Markets > Commodities

Oil prices mixed amid supply forecast, weaker dollar

2019-10-30 05:33

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NEW YORK, Oct. 29 (Xinhua) -- Oil prices closed mixed on Tuesday, as analysts polled expected U.S. weekly crude inventories to have increased and a dipping U.S. dollar offered a backup to crude prices.

The West Texas Intermediate for December delivery declined 0.27 U.S. dollar to settle at 55.54 dollars a barrel on the New York Mercantile Exchange.

Brent crude for December delivery climbed 0.02 dollar to close at 61.59 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil stockpiles were expected to have increased around 700,000 barrels in the week to Oct. 25, according to a latest poll by Reuters.

The U.S. dollar erased on Tuesday, as investors gauged the latest monetary decision to be announced by the U.S. Federal Reserve after its two-day meeting on Wednesday.

Traders have priced in an over 97 percent probability that the Fed will cut its benchmark interest rates later, according to CME Group's FedWatch tool on Tuesday afternoon.
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