Oil prices inch higher on bargain hunting ahead of Fed rate decision

Oil prices inched higher on Tuesday on bargain hunting, recovering some ground from the previous day’s plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the U.S. Federal Reserve and other central banks.

Brent crude futures climbed 16 cents, or 0.2%, to $72.00 a barrel by 0048 GMT. U.S. West Texas Intermediate (WTI) crude was at $67.19 a barrel, up 7 cents, or 0.1%.

Both benchmarks fell around $3 a barrel on Monday after analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a two-day Fed monetary policy meeting concluding on Wednesday.