Oil Up Slightly Ahead of FOMC

NEW YORK (TheStreet) -- Oil futures were holding higher Monday alongside equities as traders awaited Tuesday's meeting of the Federal Open Market Committee.

The September crude oil delivery contract was advancing 39 cents to $81.09 a barrel. Phil Flynn, energy analyst at PFGBest, said the market was trading along with the major stock market averages today. But he also highlighted investors' positioning ahead of Tuesday's economic policy statement from the FOMC. Confidence about an economic lift ahead of the statement had sent prices far above $81 and nearing $82 earlier in the session.

Read the rest of this story TheStreet.