Oil Pressured by ECB Meeting, U.S. Supplies Report

Oil Pressured by ECB Meeting, U.S. Supplies Report

Oil traded near its highest price in 30 months for a second day as the euro rallied to a 14-month peak against the dollar before the European Central Bank meets, boosting the appeal of commodities as a hedge against inflation.

Futures erased earlier losses in New York as the euro appreciated against most of its 16 major counterparts. The ECB will increase its main rate by 25 basis points to 1.25 percent tomorrow, according to a Bloomberg survey of economists. An Energy Department report today may show U.S. crude stockpiles rose for a fifth week, according to a Bloomberg News survey.

Source: Oil Pressured by ECB Meeting, U.S. Supplies Report