KONTAN.CO.ID - LONDON. Oil prices slipped on Wednesday, with investors cautious ahead of an expected Federal Reserve rate hike later in the day and a possible increase in U.S. crude supplies. Brent crude futures were down 93 cents to $82.71 a barrel by 1317 GMT, while U.S. West Texas Intermediate (WTI) crude was at $78.68, down 95 cents. Both fell by more than $1 earlier in the session, after hitting three-month highs on Tuesday. Oil prices have rallied for four weeks, buoyed by signs of tighter supplies, largely linked to output cuts by Saudi Arabia and Russia, as well as Chinese authorities' pledges to shore up the world's second-biggest economy.
Oil Dips Ahead of Fed Rate Decision
KONTAN.CO.ID - LONDON. Oil prices slipped on Wednesday, with investors cautious ahead of an expected Federal Reserve rate hike later in the day and a possible increase in U.S. crude supplies. Brent crude futures were down 93 cents to $82.71 a barrel by 1317 GMT, while U.S. West Texas Intermediate (WTI) crude was at $78.68, down 95 cents. Both fell by more than $1 earlier in the session, after hitting three-month highs on Tuesday. Oil prices have rallied for four weeks, buoyed by signs of tighter supplies, largely linked to output cuts by Saudi Arabia and Russia, as well as Chinese authorities' pledges to shore up the world's second-biggest economy.