The US Department of Energy has approved the exchange of 13.4 million barrels of crude oil from strategic petroleum reserves to seven companies.
Oil prices are declining as investors await the latest Fed decision on interest rates.
International benchmark Brent crude was trading at $ 86.80 a barrel at 0540 GMT, down 0.44 percent after finishing the previous session at $ 87.18 a barrel at the beginning of Wednesday.
The US benchmark West Texas Intermediate (WTI) was down 0.42% to $ 85.24 a barrel after trading in the previous session closed at $ 85.60 a barrel.
Members of the US Federal Open Market Committee will vote for interest rate settings later in the day. Investors are closely watching this decision, as short-term interest rates are a major factor in currency valuation and affect global oil trading.
Ongoing tensions in the Middle East and Eastern Europe, which jeopardize safe oil transport from these regions, have limited price increases.
As part of US President Joe Biden’s efforts to help control oil prices, the US Department of Energy approved on Tuesday the exchange of 13.4 million barrels of crude oil from strategic petroleum reserves to seven companies.
https://www.trtworld.com/business/oil-prices-decline-ahead-of-us-interest-rate-decision-54076?utm_source=other&utm_medium=rss Oil prices fall prior to US interest rate decisions