WTI crude slips near $64 as traders eye Fed rate decision

WTI crude oil futures slipped toward $64 per barrel on Wednesday, pausing a three-day rally as traders turned cautious ahead of the Federal Reserve?s key rate decision, with a 96% chance of a 25 basis points cut priced in. While the Fed?s move remained in focus, oil found support from heightened geopolitical tensions after Ukrainian drone attacks targeted Russian ports and refineries, raising fears of supply disruptions. The previous day, crude surged over $1 per barrel on these concerns. Meanwhile, US crude inventories posted a sharp decline of 3.42 million barrels last week, more than double the expected 1.6 million-barrel draw, providing some support ahead of official data due later today.

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