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
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.