Oil prices fell from three-month highs on Wednesday due to a gain in U.S. petroleum stocks and investors’ cautiousness ahead of a Fed rate hike.
Brent crude fell 46 cents to $83.18 a barrel, while WTI fell 45 cents to $79.18. U.S.
crude stockpiles surged by 1.32 million barrels, with a 2.3 million barrel drawdown estimated.
The market is in a tug-of-war between tightening global supply and fears of slowing demand due to global economic slowdown.
Investors are also worried about oil demand after the Fed’s decision, as the U.S. dollar has rebounded from a 15-month low.