Oil Prices Steady as Traders Await Fed Rate Cut Decision

Crude oil prices held on to gains made earlier in the week today, as traders awaited the U.S. Federal Reserve’s latest interest rate decision, to be announced at 2 pm Eastern Time. At the time of writing, Brent crude was trading at $68.33 per barrel, with West Texas Intermediate at $64.39 per barrel, both virtually unchanged from Tuesday’s close. Yesterday, prices were pushed higher by a Reuters report citing unnamed sources as saying Russian pipeline operator Transneft had warned oil producers might have to cut production as a result…