Oil Slips on Demand Fears, Market Awaits Fed Decision
LONDON—Oil prices edged lower on Wednesday following fresh indications of weak demand, and as the market awaited a crucial interest rate decision by the U.S. Federal Reserve.
Brent crude futures, which have risen by almost 3 percent this week, were down 30 cents, or 0.40 percent, at $75.02 a barrel at 1026 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 29 cents, or 0.42 percent, at $69.38.
Official data on U.S. crude inventories from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 10:30 a.m. (1430 GMT) on Wednesday.
Further price weakness followed an unexpected rise in UK inflation in February, raising fears of further interest rate hikes a day before the Bank of England announces its latest interest rate decision….