Oil falls ahead of Fed rate policy announcement
TOKYO - Oil prices retreated further from 10-month highs 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.
U.S. West Texas Intermediate crude futures shed 0.8%, or 75 cents, to $90.45 a barrel, after climbing to a 10-month high of $93.74 a barrel the previous day. The October WTI contract expires on Wednesday and the more active November contract was down 70 cents, or 0.8%, to $89.78 a barrel. Investors are awaiting a raft of central bank interest rate decisions this week, including one by the U.S. Federal Reserve on Wednesday, to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear.oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.
"There will be some short-term adjustments in oil prices because of the recent spike, but expectations of reaching $100 a barrel on both Brent and WTI later this year will remain unchanged," he said.
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