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Brent crude oil held steadily above $106 on Wednesday morning as all eyes remained on the US Federal Reserve's policy meeting. The commodity traded at $106.32 at 9:09 GMT as the second and final day of the Fed's meeting began.
After the bank's Chairman, Ben Bernanke, indicated that the bank was considering tapering off its $85 billion per month stimulus program, investors desperately scoured US economic indicators for clues about the bank's intentions. Most are expecting Bernanke to address speculation about when the bank will cut back on its quantitative easing at the press conference following the meeting. He is likely to provide more detail about the bank's timeline for tapering off the stimulus spending. He is also expected to underscore the fact that reeling in the stimulus program is not the same as budget tightening in an effort to calm markets. Bernanke and his colleagues will be working hard to keep from surprising the markets which could lead to volatile trading.
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