Global Oil prices remained near $84 a barrel on Wednesday as investors keenly waited for a key meeting of the U. S. Federal Reserve.
The U. S. Federal Reserve is expected to announce some measures to boost the US economic growth as global economy faces a slowdown due to the Eurozoen debt crisis. The benchmark for the delivery in July fell 5 cents to $83.98 a barrel. The futures increased to close at $84.03 in New York on Tuesday.
Meanwhile, Brent crude for August delivery rose up 10 cents at $95.86 per barrel on the ICE Futures exchange in London. The two day meeting of the U. S. Federal Reserve will conclude on Wednesday and many expected the central bank to take steps to boost the flow of money in the economy in order to boost growth.
The crude oil price have risen from $81 last week on hopes that the global leaders will take steps to boost their economies as major economies faced a slowdown in economic growth in recent months. The price of oil was also boosted by the failure of the talks between Iran and six world powers this week in Moscow over concerns that possible military action might disrupt global oil deliveries.
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