The fall in world oil prices in Asia on Wednesday April 27 2011 because investors are waiting for a decision after a two-day policy meeting of the U.S. central bank. weakening greenback makes dollar-priced oil cheaper, increase demand and lead to higher oil prices.
In the oil market in New York, for futures contracts, light sweet crude for June fell 19 cents to $ 112.02 per barrel, while Brent North Sea crude for June delivery fell 22 cents to $ 123.92. The oil market has been pretty flat, no one really have a whole lot of movement
The oil market will see what will come out of the meeting of the Federal Reserve Bank and with regard to comments from Fed Chairman Ben Bernanke whether monetary tightening will begin. This meeting will be important in maintaining the tone of the weakening U.S. dollar for the rest of the second quarter.
Bank policymakers are widely expected to keep interest rates very low in an effort to support the economy which has been plagued by high unemployment. Many experts predict the post-meeting statement will show no change in the plan to terminate the purchase program of $ 600 billion of bonds - known as quantitative easing - in June, which means more dollars flowing around the oil market.
investors also continue to monitor the turmoil in the Middle East and North Africa that could affect oil supplies. But he said concerns about high oil prices negatively impacting demand growth and global economic recovery that limit the increase.
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