Oil Prices Rise Despite Expectations Of Another Interest Rate Hike

Oil prices rose early on Wednesday in Europe in subdued and choppy trade as the markets expect the Fed’s interest rate decision in the early afternoon ET.  As of 2:30 a.m. ET, the U.S. benchmark WTI Crude was up by 1.04% at $84.78. Brent Crude, the international benchmark, traded 1.09% higher at $91.57. Oil prices settled lower on Tuesday, amid expectations that the Fed would announce another rate hike of 75 basis points, a third consecutive such increase. Fears that the aggressive rate hikes would accelerate the economic slowdown and…