Oil prices held steady in Asian markets Wednesday after surging in recent sessions on concerns over potential disruptions to Russian supply, as traders awaited the outcome of the U.S. Federal Reserve’s policy meeting.
Brent futures for November edged down to $68.39 a barrel, while West Texas Intermediate was at $64.09 a barrel (21:48 ET / 01:48 GMT). U.S. industry data showed a larger-than-expected 3.2 million-barrel decline in inventories for the week ending September 12, according to the American Petroleum Institute, a signal often mirrored in official government reports.
Markets are pricing in a likely 25-basis-point rate cut by the Fed, with some speculation of a 50-point reduction. Lower interest rates typically support crude by encouraging economic activity and boosting fuel demand, though concerns about persistent inflation limit expectations for aggressive easing.
Geopolitical risks also underpin oil prices. Ukrainian strikes against Russian energy infrastructure have raised fears of supply constraints, while U.S. tariff proposals on Russian crude exports could further tighten markets.
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