Oil futures range-bound amid pipeline reports and mixed central bank moves

The price of oil futures has remained within a narrow range following recent volatile trading sessions and mixed reports about the East-West pipeline.

In other market-moving news, Federal Reserve Bank of New York President John Williams, who votes on monetary policy, stated that there is no need for urgency in raising interest rates following the September hike. The U.S. Dollar Index (DXY) declined slightly after his remarks.

Reserve Bank of Australia (RBA) Governor Bullock warned that inflationary pressures will persist longer than anticipated, driven by domestic capacity constraints. He emphasized that the RBA board will raise rates further if necessary. The Australian dollar weakened against the U.S. dollar following his comments.

Japanese FX official Mimura expressed dissatisfaction with recent yen movements, stating that markets are not fully heeding the clear messages from authorities. The U.S. dollar lost ground against the yen after his remarks.

The Swiss National Bank (SNB) maintained its interest rate at 0.00%, in line with expectations, and reiterated its willingness to intervene in foreign exchange markets to ensure appropriate monetary conditions.

The Trump administration is reportedly considering a 90-day ban on diesel exports to lower energy prices, despite internal and industry opposition. The U.S. Dollar Index saw a modest rise after the news.

The Bank of England (BoE) held its interest rate at 3.75%, as expected, with a 6-3 vote split. The BoE also announced it would pause gilt sales under its Asset Purchase Facility (APF) until April 2027.