Crude Oil, Gold and Copper Outlook Hinges on FOMC Rate Decision

25/01/2012 23:09 AST

Crude oil prices bounced yesterday amid reports that Canada will begin shipping oil sands output to China after the US stonewalled the Keystone XL pipeline project to transport supply to the Gulf Coast. Canada is the US' largest overseas crude oil supplier. Looking ahead, the focus turns to the FOMC interest rate decision, where Ben Bernanke and company will for the first time unveil their projections for benchmark interest rates.

The unprecedented move will be followed by a press conference with the Fed chairman. Traders will treat these bits of information to shape their outlook for US economic growth. Reinforcement of the cautiously positive tone emerging in recent data releases may stoke the demand outlook and encourage crude higher still, although a growth-negative result that stokes QE3 expectations may weigh on the US Dollar and drive the WTI contract upward in any case.

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