Crude prices for future contracts fell on Wednesday with gloomy economic situation weighing in on the global oil markets, as investors continued to worry about Federal Reserve’s future monetary policy.
It appears that a larger interest rate increase could be on the table at the Federal Reserve’s next policy meeting, with prospects of a stricter monetary approach hampering the oil demand expectations for the world’s strongest economy despite last week’s drawdown from US inventories.
West Texas Intermediate (WTI) for deliveries in April dropped 1.44% to go at $76.49 per barrel at 9:11 am ET. At the same time, Brent for May settlements dipped 1.07% selling at $82.46 per barrrel.