Oil Prices Steady as Traders Await Fed Rate Cut Decision

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Crude oil prices held on to gains made earlier in the week today, as traders awaited the U.S. Federal Reserve’s latest interest rate decision, to be announced at 2 pm Eastern Time. At the time of writing, Brent crude was trading at $68.33 per barrel, with West Texas Intermediate at $64.39 per barrel, both virtually unchanged from Tuesday’s close. Yesterday, prices were pushed higher by a Reuters report citing unnamed sources as saying Russian pipeline operator Transneft had warned oil producers might have to cut production as a result…