Brent crude futures was down 85 cents to $82.79 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude dropped 81 cents to $78.82
Oil prices edged lower on Wednesday, with investors cautious ahead of an expected Federal Reserve rate hike later in the day and a spike in U.S. crude supplies.
Oil prices have been rallying for four weeks, with investors buoyed by signs of tighter supplies, largely linked to output cuts by the Organization of the Petroleum Exporting Countries and allies, as well as pledges by Chinese authorities to shore up the world’s second-biggest economy. “We still need to wait for actual policies – the risk is that these policies fall short of expectations,” said ING head commodities strategist Warren Patterson.
“Today’s rate hike, if it occurs, is widely anticipated to be the last one before a long pause, yet Fed officials will be very wary of raising false hopes of calling a day on the unprecedented monetary tightening program,” said PVM analyst Tamas Varga.
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