Crude Oil Prices Drop 1% Prior to US Fed Rate Decision

Oil prices fell on Monday as investors awaited the outcome of a US Federal Reserve meeting to assess the central bank’s appetite for further rate hikes. Brent crude futures dropped 1.19% to $73.90 a barrel, while US West Texas Intermediate crude was down 1.20% at $69.33 a barrel. The Fed’s rate hikes have strengthened the dollar, making dollar-denominated commodities more expensive for holders of other currencies and weighing on prices. The central bank is expected to leave interest rates unchanged when it concludes its two-day monetary policy meeting on Wednesday.