NEW YORK, Jan. 29 (Xinhua) -- Crude futures traded higher Tuesday on expectations that the Federal Reserve will cut interestrates and OPEC will hold production steady.
Investors hope that stimulus efforts by the Fed, which is expected to cut rates on Wednesday, and Congress will limit the damage from a slowing economy.
The Congress passed a 146 billion-U.S. dollar aid package Tuesday that would speed rebates of 600 to 1,200 dollars to most taxpayers.
Minister of Organization of Petroleum Exporting Countries, which raised output by 100,000 barrels a day in January, are expected to hold future production steady at a meeting on Friday.
Light, sweet crude for March delivery rose 65 cents to 91.64 dollars a barrel on the New York Mercantile Exchange.
Investors hope that stimulus efforts by the Fed, which is expected to cut rates on Wednesday, and Congress will limit the damage from a slowing economy.
The Congress passed a 146 billion-U.S. dollar aid package Tuesday that would speed rebates of 600 to 1,200 dollars to most taxpayers.
Minister of Organization of Petroleum Exporting Countries, which raised output by 100,000 barrels a day in January, are expected to hold future production steady at a meeting on Friday.
Light, sweet crude for March delivery rose 65 cents to 91.64 dollars a barrel on the New York Mercantile Exchange.
