Oil slips after US interest rate decision

Oil drilling rigs

Oil prices declined today, June 15, as US crude inventories rose and after the Federal Reserve signaled that the interest rate hike was far from over.

International benchmark Brent crude was trading down 0.23% at $73.03 a barrel, at 08:04 am Makkah time.

West Texas Intermediate (WTI) crude fell 0.21% to $68.13 a barrel, after falling 1.7% in the previous session.

The Energy Information Administration in its report on June 14 announced that US inventories rose by 7.9 million barrels in the past week, and stocks increased in the main storage center in Cushing, Oklahoma, to their highest levels in two years.

Meanwhile, the Federal Reserve kept interest rates unchanged after its meeting ended on June 14, but said it expects to raise them more than previously expected to counter inflation.