Oil prices were in a downward trend on Wednesday, potentially heading for a second consecutive day of losses. The anticipation of new inventory data from the United States, along with the Federal Reserve’s decision on interest rate hikes, had investors on edge. The upcoming information could greatly impact the direction of oil prices and investors were closely monitoring the situation.
The U.S. inventory data had the potential to reveal any changes in supply and demand, which in turn could influence oil prices. Additionally, the Federal Reserve’s decision on interest rate hikes could affect the strength of the U.S. dollar, ultimately impacting the price of oil. Investors were keenly aware of the potential implications and were eagerly awaiting the announcements to make informed decisions.
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