Crude oil prices drifted lower on Wednesday amid concerns about the outlook for energy demand after the Federal Reserve's announcement of a sharp hike in interest rates raised fears about a recession.
Data from the U.S. Energy Information Administration (EIA) showing higher inventories across the board also weighed on oil prices.
The central bank raised its target range for the federal funds by 75 basis points to 3 to 3.25%, and signaled further sharp hikes in the coming months.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.