REUTERS
The price of oil on Intercontinental Exchange on Tuesday, October 27, started declining again against a backdrop of the global supply glut.
North Sea Brent crude oil futures fell by 0.977% to $47.08 per barrel, while WTI crude oil traded 1.453% lower, at $43.35 per barrel.
In addition, the release of data by the U.S. Department of Energy on Wednesday, October 28, showing crude inventories in the United States, is putting downward pressure on the market. Analysts expect further rise in the inventories.
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Market participants are also waiting for the outcome of the U.S. Federal Reserve next meeting scheduled for October 28, when the Fed is expected to announce its rate hike decision. The Federal Reserve has kept its benchmark interest rate at 0%-0.25% since December 2008. The rate was last raised in June of 2006. During 2007-2008, the Fed gradually lowered the rate until it reached its minimum.