Oil prices fall ahead of Fed decision
USA The global oil benchmark had come within $0.14 of a December 2008 dip of $36.20. West Texas Intermediate rose more than $1 on Tuesday but fell back on gains due to the expected outcome of the Fed meeting, which will be announced Wednesday evening in the US.
A rise in interest rates would bode negatively for oil prices because of a stronger dollar, making the dollar-denominated crude more expensive globally.
Data released by the American Petroleum Institute on Tuesday also showed a surprise increase of 2.3 million barrels in US crude stockpiles last week. A Reuters poll among analysts yielded a 1.4-million barrel estimation. Energy Information Administration will release the data on Wednesday.
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