Hurricane Francine impacts Gulf oil output as markets await potential Fed interest rate reduction - Anadolu Ajansı

Oil prices were up on Wednesday on falling crude inventories in the United States, whiles the market cautiously awaited rate cut details from the Federal Reserve. Crude inventories fell by 1.6 million barrels to 417.

U.S. index futures showed modest fluctuations in premarket trading this Wednesday as Wall Street gears up for a highly anticipated rate cut by the Federal Reserve. CME Group’s FedWatch tool shows traders pricing in a 63% chance of a 50-basis-point cut and 37% odds of a 25-basis-point move.