20.09.202309:52:00UTC+00Oil Prices Decline Despite Large Inventory Draw

Oil prices traded lower on Wednesday as investors awaited the Federal Reserve's interest-rate decision due later in the day for direction.

Investors remain concerned about the Fed's rate hike path as inflation remains stuck stubbornly above the Fed's long-run target of two percent per year.

Benchmark Brent crude futures fell 1.3 percent to $93.12 per barrel, while WTI crude futures were down 1.4 percent at $89.26.

Prices are falling despite industry data showing a bigger-than-expected draw in U.S. stockpiles.

Data from the industry body American Petroleum Institute indicated that U.S. crude inventories fell by over 5 million barrels last week while analysts had expected a 2.7-million-barrel decline. The official inventory data is due later in the session.

Elsewhere, government data showed India's crude oil imports fell for a third month in a row in August.

Crude imports fell 3.9 percent month-on-month to 18.73 million metric tons in August due to refinery maintenance and reduced shipments from Russia, Petroleum Planning and Analysis Cell (PPAC) data revealed.