On Monday, oil prices plunged before Fed’s meeting as traders tried to determine whether the institution was willing to raise interest rates further. Additionally, worries about the expansion of China's fuel demand and the rising supply of Russian crude oil weighed on the market.

Brent crude dipped 0.94% to $74.09 per barrel while WTI slumped by 0.91% at $69.53.

Last week, the two main gauges experienced their second consecutive weekly decreases as poor economic statistics from the world's largest oil importer, China, prompted doubts about the expansion of demand. This negated an increase in prices brought on by Saudi Arabia's pledge to reduce production by 1 million barrels per day (bpd) in July.

The strengthening of the dollar as a result of the Fed's rate increases has weighed on prices and increased the cost of commodities for holders of other currencies.

For the supply aspect, While Saudi Arabia has reduced oil production four times in the past year, Blanch noted that Russian supply has kept steady as a result of sanctions that were designed to have little effect on output.