Oil price rises as market awaits Federal Reserve’s interest rate decision

LONDON(Reuters) -Oil prices rose on Wednesday as investors awaited the outcome of the U.S. Federal Reserve’s June meeting after bullish oil demand growth forecasts from the International Energy Agency (IEA) and OPEC.

Brent crude futures were up 66 cents, or 0.9%, at $74.95 a barrel by 1226 GMT. U.S. West Texas Intermediate (WTI) crude was up 56 cents, or 0.8%, at $69.98.

Both benchmarks climbed more than 3% the previous day on hopes of rising fuel demand after China’s central bank lowered a short-term lending rate.