Live News: Oil breaks two-run advance ahead of Fed decision
Oil prices fell on Wednesday ahead of the Federal Reserve’s interest rate decision, at which the central bank is expected to raise interest rates by 0.25 percentage points.
West Texas Intermediate, the U.S. benchmark, slipped 0.7 percent to $69.19 a barrel, snapping a two-day advance of nearly 4 percent.
Oil has seen choppy trading of late as the banking crisis, triggered by the collapse of technology-focused lender Silicon Valley Bank, initially shook confidence. But efforts by regulators to rein in the turmoil, including U.S. officials negotiating additional protections for bank deposits, have fueled higher gains over the past two sessions.