September S&P 500 E-Mini futures (ESU26) are up +0.26% this morning as a pullback in oil prices helped stabilize sentiment ahead of the Federal Reserve’s interest-rate decision, which is expected to shape the market’s next move.
The price of WTI crude dropped over -2% on Wednesday after data from the American Petroleum Institute showed that U.S. inventories increased by 7.1 million barrels last week, easing immediate supply concerns. However, the closure of Saudi Arabia’s East-West pipeline and territorial advances by Iran-backed Houthi militants around the Bab al-Mandeb Strait continued to cast a shadow over the outlook for Gulf supplies.
