Brent crude futures fell by $1.46 to $92.88 a barrel by 0854 GMT, while U.S. West Texas Intermediate crude futures shed $1.30 to $89.90
Oil prices fell by more than $1 on Wednesday ahead of the U.S. Federal Reserve’s interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand.
“The oil rally is taking a little break as every trader awaits a pivotal Fed decision that might tilt the scales of whether the U.S. economy has a soft or hard landing,” said Edward Moya, senior market analyst at data and analytics firm OANDA. U.S. West Texas Intermediate crude futures shed 1.43 per cent, or $1.30, to $89.90 a barrel. The October WTI contract expires on Wednesday and the more active November contract was down $1.38, or 1.53 per cent, to $89.10 a barrel at 0854 GMT.
“Barring any unpleasant surprise, attention will likely return to the perceived supply deficit once interest rate decisions are out of the way and reaching the $100/bbl milestone remains a not-so-distant possibility,” said Tamas Varga, analyst at oil broker PVM.
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