Oil sheds gains, stocks dip as Fed comes into focus

LONDON: Oil shed some of its gains on Tuesday as the United States raised the possibility of releasing crude reserves, while stocks inched lower as investors waited for this week's Federal Reserve meeting.

MSCI's All-Country World Index, which tracks shares across 47 countries, was down 0.1per cent on the day. Saturday's attack on Saudi oil facilities has halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since the overthrow of the Iranian Shah in 1979, International Energy Agency data show.

"It is this concern over negative supply shocks amid geopolitical tensions which should keep oil prices buoyed in the short term."

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