LONDON, July 31: Oil prices slid on Tuesday before a meeting of the Federal Reserve that was expected to discuss whether to boost the US economy, the world’s biggest consumer of crude.

Brent North Sea crude for delivery in September dropped 81 cents to $105.39 a barrel in late London trading.

New York’s main contract, light sweet crude for September, shed $1.11 to $88.67 a barrel.

Crude markets were waiting to see if additional stimulus would be agreed during the two-day US Federal Reserve meeting which starts Tuesday, as well as at a gathering of the European Central Bank (ECB) on Thursday, analysts said.

“Market players are holding back ahead of the central bank meetings,” said Commerzbank commodities analyst Carsten Fritsch.

Official data showed US consumers spent a little bit less in June than in May as incomes rose 0.5 per cent.

The Commerce Department reported spending was essentially flat last month, falling by $1.3 billion, or less than 0.1 per cent.—AFP