Crude oil futures ended lower on Wednesday after the Federal Reserve left the interest rate unchanged, but projected a rate increase by the end of the year and keeping interest rates at an elevated level through 2024. Oil prices fell despite data showing a drop in crude inventories in the U.S. in the week ended September 15. Data released by the U.S. Energy Information Administration (EIA) showed crude inventories in the U.S. dropped by 2.136 million barrels last week versus forecasts for an increase of 0.25 million barrels. The data said gasoline stockpiles declined by 0.831 million barrels last week versus forecasts for a 1.1 million barrel rise, while distillate stockpiles dropped by 2.867 million barrels. Distillate stockpiles were expected to rise by 1.05 million barrels in the week.
Benchmark crude oil futures for October delivery fell $0.92 or 1.00 percent to settle at $90.28 a barrel on the New York Mercantile Exchange. Brent crude for November delivery declined $0.81 or 0.86 percent to settle at $ 93.53 a barrel on London's Intercontinental Exchange.