Oil prices stabilized early Wednesday morning, as investors remained conservative ahead of the Fed's announcement of its interest rate decision.
Brent crude futures rose0.08 percent to $73.25 a barrel. U.S. West Texas Intermediate crude futures rose 0.10 percent to $70.15 a barrel. The US Federal Reserve is widely expected to cut interest rates for the third time on Wednesday as part of the current monetary policy easing cycle.
Low interest rates reduce borrowing costs, boosting economic growth and raising demand for oil.
Source (CNBC Arabia Website, Edited)
