Oil extends recovery from 7-year low

By FXStreet FXStreet (Córdoba) – Oil prices advanced modestly on Tuesday, extending the recovery from 7-year lows into a second day, although concerns over a global glut and the Federal Reserve meeting keep investors cautious and prices capped.

WTI rose to a high of $37.88 a barrel before settling up 2.9% at $37.35/bbl, having bounced from a 7-year low of $34.53 on Monday.

Oil futures have fallen nearly 15% since December 4, when the Organization of the Petroleum Exporting Countries (OPEC) refrained from cutting output to stabilize prices.

On Wednesday, the Federal Reserve will announce its decision on monetary policy, with most analysts expecting the bank to raise rates by 25bps.
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Source:: FX Street