{"id":1982871,"date":"2023-07-26T07:45:02","date_gmt":"2023-07-26T11:45:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dips-ahead-of-fed-rate-decision\/"},"modified":"2023-07-26T10:05:03","modified_gmt":"2023-07-26T14:05:03","slug":"oil-dips-ahead-of-fed-rate-decision","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dips-ahead-of-fed-rate-decision\/","title":{"rendered":"Oil prices decline prior to Federal Reserve interest rate announcement."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-dips-ahead-of-fed-rate-decision%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1982871&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Natalie \u2064\u2062 Grover<\/p>\n<p>LONDON \u2062(Reuters) -Oil prices edged lower on Wednesday, with investors cautious ahead of an expected Federal Reserve rate hike later in\u200d the day\u2062 and a spike in U.S. crude supplies.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px; text-align: center;\"><script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script><\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p>Brent crude futures was down\u2064 85 cents to $82.79\u200c a\u2063 barrel by\u200b 1026 GMT, while U.S. West Texas Intermediate (WTI) crude was at $78.82, down 81 cents. Both hit three-month highs\u2064 on \u200bTuesday.<\/p>\n<p>Oil prices have \u2062been rallying for four weeks, with investors \u200dbuoyed by signs of tighter supplies, largely linked to output cuts\u200b by the Organization of the Petroleum Exporting Countries (OPEC) and allies, as well as pledges by \u2063Chinese authorities to shore up the world\u2019s second-biggest economy.<\/p>\n<p>However, there are concerns around whether China, also the world\u2019s second\u2063 biggest oil consumer,\u2062 will actually be able to step up policy support.<\/p>\n<p>\u201cWe still need to wait for actual\u200b policies \u2013 the risk is that these policies fall\u200b short of expectations,\u201d said ING head commodities strategist Warren Patterson.<\/p>\n<p>\u201cThe \u200bmarket will\u200d continue to be in a tug-of-war between \u200ctightening global\u200c supply and fears \u200bof slowing demand due to the global economic slowdown,\u201d \u2064added Hiroyuki Kikukawa, \u2064president\u200d of NS\u200b Trading, a unit of Nissan Securities.<\/p>\n<p>Investors had also squared their positions ahead of the Fed rate decision, Kikukawa continued.<\/p>\n<p>The U.S. central bank is widely expected \u200cto deliver a <a title=\"Thai central bank to go for another modest 25 bps hike on Wednesday: Reuters poll\" href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thai-central-bank-to-go-for-another-modest-25-bps-hike-on-wednesday-reuters-poll\/\">25 basis-point rate hike<\/a> later on Wednesday.<\/p>\n<p>\u201cToday\u2019s rate hike, if it occurs, is widely anticipated to be the last one before a long pause, yet\u2063 Fed\u2062 officials will be very wary of raising false hopes of calling a day on the <a title=\"Oil prices decline prior to Federal Reserve interest rate announcement.\" href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dips-ahead-of-fed-rate-decision\/\">unprecedented\u2064 monetary tightening programme<\/a>,\u201d said PVM\u2063 analyst Tamas Varga.<\/p>\n<p>Meanwhile, U.S. crude stocks rose \u200dby about 1.32 million barrels\u200c in the week ended July 21, according to \u200bmarket\u2062 sources citing American Petroleum Institute figures on \u200cTuesday. Analysts polled by Reuters \u200chad expected a 2.3 \u2063million barrel drawdown.<\/p>\n<p>The surprise build in crude and distillate stocks\u200c \u2013 if confirmed by U.S. government data later today, added \u2062Varga,\u200c \u201ccould temporarily take the wind out of the bull\u2019s sail.\u201d<\/p>\n<p>(Reporting by Natalie Grover in London; Additional reporting by Yuka Obayashi and Trixie Yap; editing by \u200dMiral Fahmy, Kim Coghill and Emma Rumney)<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>Lebron James\u2019 son, \u2063Bronny, collapses\u2063 during practice while Hunter Biden\u2019s art is a hot commodity.<\/strong><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>Hunter Biden\u2019s much-anticipated court date is set for Wednesday, but it\u2019s unclear if \u200dthe judge will \u200caccept his plea deal.<\/strong><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>Police are wrapping up their search in the home of suspected \u2018Giglo Beach\u2019 serial killer.<\/strong><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>The Grassroots \u200cactivist group FreedomWorks joins members of the House Freedom Caucus in calling on appropriators and GOP leadership to <a title=\"House Democrat stages 'thirst strike,' demands federal water breaks.\" href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-democrat-goes-on-thirst-strike-protests-for-federally-mandated-water-breaks\/\">roll\u2062 back current spending levels<\/a>.<\/strong><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>SYDNEY (Reuters) \u2013 New Zealand said on Wednesday it would boost its\u200c cyber defences\u200b by setting up a lead agency to \u2063make\u2026<\/strong><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>By Supantha Mukherjee, Martin Coulter and Sheila Dang (Reuters) -After 17 years with an iconic blue bird that came \u2063to symbolize the\u2026<\/strong><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>By Elizabeth Howcroft LONDON (Reuters) -Britain\u2019s data regulator said on Tuesday it will examine\u2062 Worldcoin, a project \u200dby OpenAI\u200b CEO\u200c Sam Altman\u2026<\/strong><\/p>\n<\/div>\n<div class=\"entry-content\">\n<p><strong>By Candelaria Grimberg\u200d BUENOS AIRES (Reuters) \u2013\u200b A project by Argentine artist Santiago \u2064Barros\u200c uses artificial intelligence to\u200c imagine what the \u2062children\u2026<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dipped as investors remained cautious due to an anticipated Federal Reserve rate hike and a surge in U.S. crude inventories. Brent crude futures fell 85 cents to $82.79 a barrel, while U.S. West Texas Intermediate (WTI) crude also declined.<\/p>\n","protected":false},"author":66,"featured_media":1982872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Oil prices decline prior to Federal Reserve interest rate announcement.","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1982871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Oil prices decline prior to Federal Reserve interest rate announcement.","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1982871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1982871"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1982871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1982872"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1982871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1982871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1982871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}