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MTECHTIPS:-NYMEX crude weaker in Asia after Fed, Baker Hughes rig count ahead

MTECHTIPS:-NYMEX crude weaker in Asia after Fed, Baker Hughes rig count ahead

Crude oil prices eased in early Asia on Friday as investors took stock of the Federal Reserve decision to hold rates and comments on global economic weakness. On the New York Mercantile Exchange, WTI crude for October delivery traded down 0.19% to $46.81 a barrel. On Friday industry research group Baker Hughes (NYSE:NYSE:BHI) will release its latest estimates of the number of rigs drilling for oil in the U.S. It decreased by 10 last week to 652, the second straight weekly decline. Overnight, U.S. crude futures closed slightly lower, in spite of modest increases late in the session after the Federal Reserve left its benchmark interest rate unchanged at near-zero levels on Thursday afternoon. On the Intercontinental Exchange (ICE), Brent crude for November delivery wavered between $48.34 and $50.15, before closing at $49.19, down 0.56 or 1.12% on the day. The spread between the international and U.S. domestic benchmarks for crude stood at $2.22, below Wednesday’s level of $2.60 at the close of trading. On Thursday afternoon, the Federal Open Market Committee announced that it is keeping its benchmark Federal Funds Rate at its current level between zero and 0.25%, citing widespread concerns related to global economic weakness. A rate hike is expected to bolster the value of the dollar, as foreign investors look to capitalize on higher yields. As a result, the U.S. dollar declined sharply in the hour following the announcement, falling to 94.60, its lowest level in three weeks.

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