Crude oil falls 1% as Fed caution, stocks build offset Opec+ expectations
Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a rise in U.S. crude stocks offset a boost from a potential extension to Opec+ supply curbs.
Brent crude futures fell 90 cents, or 1.08%, to $82.75 a barrel by 0902 GMT. U.S. West Texas Intermediate futures (WTI) were down 92 cents, or 1.17%, at $77.95.
Vandana Hari, founder of oil market analysis provider Vanda Insights, attributed the price falls to profit-taking plus a combined response to a surge in U.S. crude stocks and continuing hopes of Gaza ceasefire deal in the coming days.
