Crude prices, however, may remain in a range like most other markets as investors await the U.S. Federal Reserve's decision on tapering its monetary stimulus, which has been a key driver of investment in global commodities.
Brent crude fetched $110 a barrel, while US crude oil is trading around $97.21
Libyan oil ports remain closed despite promised reopening along with the continuing strikes of Oil workers have cut vital oil exports to 110,000 barrels per day from more than 1 million in July.
Investors are also waiting for the Fed meeting outcomes to see whether it will start tapering the stimulus program of $85 bonds buying or delay it to 2014.
Accordingly we expect two scenarios:
*a cut in stimulus program will boost the dollar and weight on more commodities including oil.
*a delay of tapering will push the dollar down, and increase the demand of the black gold.