Wednesday saw a little increase in oil prices as traders awaited the results of the U.S. Fed’s meeting, significant Chinese economic data, and official information on U.S. crude stockpiles.

Brent crude surged by 0.4% at $74.61 per barrel, meanwhile US WTI advanced by 0.3% at $69.64 per barrel.

Market participants anticipate that FOMC of the United States central bank would suspend rate increases due to uncertainty surrounding the economic outlook as well as the lingering impact of the 10 rate increases since March 2022.

Rate increases raise the cost of commodities priced in US dollars for holders of foreign currencies and have a negative impact on oil prices. A halt to increases would promote economic expansion and increase oil consumption, supporting prices.

In an effort to control stubborn inflation, the ECB is also anticipated to raise interest rates by another quarter percentage point on Thursday. However, it is anticipated that the Bank of Japan will continue to adhere to its ultra-loose policy when it releases its plan on Friday.