Oil falls amid anticipation of Fed's interest-rate decision

Oil drilling rigs

Oil prices moved lower today, July 26, amid investors' anticipation of the Federal Reserve's interest-rate decision and ahead of releasing the US oil stocks.

 

According to the American Petroleum Institute's estimates, the US oil stocks rose by 1.3 million barrels last week, and the official data will be released by the Energy Information Administration later today.

 

The Fed is expected to raise the interest rate 25 basis points today to combat inflation.

 

Brent crude for September delivery fell 0.5%, or $0.42, to $83.22 a barrel at 8:01 am Makkah time.

 

US West Texas Intermediate (WTI) crude for September delivery also dropped 0.55%, or $0.40, to $79.19 a barrel.

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