WTI crude oil prices eased toward $75 per barrel on Wednesday after rallying about 6% in the past two sessions, as investors cautiously awaited the US Federal Reserve’s interest rate decision, where it is expected to moderate its aggressive tightening campaign but point to a higher peak for rates.
An industry report also showed that US crude inventories unexpectedly jumped by 7.82 million barrels last week, the highest weekly build since March and compared with market expectations for a 3.91 million barrel decline.
On the supply side, OPEC reduced estimates for the amount of crude the group will need to pump in the coming months due to macroeconomic headwinds.
Meanwhile, investors continued to assess the demand outlook in top crude importer China amid the country’s ongoing shift away from the zero-Covid policy, as well as the impact of the latest Western sanctions on Russian oil.