Oil Prices Slide as Investors Await Fed Meeting

Oil prices have slipped today, with both Brent crude and WTI down by 0.30%. Brent crude is priced at $86.59 per barrel, while WTI stands at $81.90 per barrel. Meanwhile, MCX crude oil is currently trading at 6835 (-0.13%), slightly down today but still above its pivot level of 6808. Support is placed at 6760, followed by a second support level at 6678. On the upside, the initial resistance is at 6891, followed by a second resistance at 6940. Traders are exercising caution ahead of the U.S. Federal Reserve's policy meeting scheduled for Wednesday, which could impact global demand expectations. Despite this, oil benchmarks remain near four-and-a-half-month highs, supported by various factors including Ukrainian attacks against Russian refineries, Iraq's pledge to reduce oil exports, and positive economic data from China, the world's top consumer of oil.