Reply #33: Oil gains ahead of Fed meeting [View All]

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http://www.reuters.com/article/2011/04/26/us-markets-oil-idUSTRE72D01W20110426

(Reuters) - Oil edged up from earlier losses on Tuesday in low trading volumes as some investors took advantage of the dip to buy, though gains were limited ahead of a closely watched U.S. Federal Reserve policy meeting.

Prices were also capped by the chief of Saudi Arabia's state oil company comment that the world's top oil exporter was concerned about the economic impact of expensive oil.

By 1051 GMT, North Sea Brent crude futures were trading 20 cents up at $123.86 a barrel, having fallen to as low as $122.66.

U.S. crude futures were trading 27 cents lower at $112.01 a barrel, having dropped by more than $1. On Monday, U.S. crude had hit $113.48, the highest since September 2008.