US crude inches up

Waiting: market uncertainty leads to caution among speculators

AP/SCANPIX

News Wires

 05 September 2012 22:25 GMT

Brent crude prices fell on Wednesday, while US crude inched up in seesaw trade ahead of a European Central Bank meeting and a US August payrolls report as investors await central bank action in the face of slowing economic growth.

Crude futures pared losses, copper prices rose and European stocks hit session highs on reports that the ECB is ready to drop preferred creditor status on government bonds it buys, Reuters reported.

ECB President Mario Draghi is expected to reveal more details of the bond-buying plan following Thursday's meeting.

"Uncertainty about the ECB, after Bernanke's speech didn't provide any stimulus announcement, and the US jobs report on Friday, has kept caution in a market that has bulls looking for a reason to push higher," said Gene McGillian, analyst at Tradition Energy.

McGillian and other…

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