Oil prices stable ahead of US Fed’s meeting

Global oil prices showed stability on May 2 morning in anticipation of US Fed's decision on the discount rate, reported from the auction data.

The price of July futures for Brent crude remained unchanged at $79.31 per barrel, while June futures for WTI rose by 0.04% to $75.7.

The Fed’s meeting on the discount rate will be held on May 2-3, its decision will be announced on May 3. According to CME Group, more than 95% of analysts polled predict another 25 basis point rate hike to 5.25%. The rest expect the rate to remain at the current level.

Investors also expect the release of a number of macroeconomic statistics this week. On May 2, the final assessment of the Purchasing Managers' Index (PMI) in the industrial sector of the eurozone will be released, it is expected that in April the figure fell to 45.5 points from 47.3 points a month earlier.

On May 3, the US Department of Energy will release official statistics on commercial oil reserves in the country. Analysts predict that in the week to April 28, the stock index fell by 1 million barrels.

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