Oil futures failed to hold early gains and settled lower on Wednesday, weighed down by concerns that higher borrowing costs will likely hurt growth and the outlook for fuel demand.
The Federal Reserve today decided to leave interest rates unchanged at 5.25 to 5.5%, in an effort to support its dual goals of maximum employment and inflation at a rate of 2% over the longer run.
West Texas Intermediate Crude oil futures for December ended down $$0.58 or about 0.7% at $80.44 a barrel.
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Market Analysis
August 21, 2026 14:42 ET The minutes of the latest policy meeting of the Federal Reserve, housing market data and manufacturing sector survey results were the main news for the U.S. economy this week. In Europe, inflation data from the U.K. was the highlight, while consumer price data from Japan drew attention in Asia.