Oil futures fall Wednesday, losing ground as traders await a decision by the Federal Reserve amid jitters over the economic outlook.
Oil futures fell Wednesday, losing ground as traders awaited a decision on a rate hike by the Federal Reserve amid jitters over the economic outlook.Price actionMarket drivers Oil was extending losses seen after crude futures turned south in Monday’s session. While a number of... Oil futures fell Wednesday, losing ground as traders awaited a decision on a rate hike by the Federal Reserve amid jitters over the economic outlook.
The Federal Reserve is widely expected to lift the fed-funds rate by 75 basis points, or three-quarters of a percentage point, when it concludes its two-day policy meeting at 2 p.m. Eastern, though Fed watchers say such an outsize move isn’t assured. President Joe Biden on Wednesday wrote letters to U.S. oil refiners, calling on them to produce more gasoline and diesel and saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.
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