US Fed meeting 2024 live: Crude oil keeps falling ahead of Fed decision
Fed meet live: Oil prices fell on Wednesday, pressured by low economic activity in leading crude importer China and a surprise build in US crude inventories as oil producers ramped up output after following frigid weather earlier this month.
The US Energy Information Administration’s report revealed that weekly oil inventories increased by 1.2 million barrels last week, which put further pressure on prices. The March contract for Brent crude, which expires today, dropped 78 cents, or almost 0.9%, to $82.09 per barrel.
At $81.50, the more actively traded April contract saw a $1.00 decrease, or roughly 1.2%, in value. US West Texas Intermediate oil futures dropped $99, or 1.3 percent, to settle at $76.83. Reuters reports that early in the day, both benchmarks dropped by more than $1 per barrel.
