International oil prices took an abrupt turn on Wednesday, retreating just one day after a significant rally.
The downturn came as the Federal Reserve concluded its FOMC meeting, keeping the benchmark interest rate steady at the expected 4.25% to 4.5%. However, they did not mention any plans for rate cuts this year, which many had expected.
During the press briefing, Fed Chair Jerome Powell emphasized that if U.S. President Donald Trump’s tariffs remain at their current elevated levels, it could potentially shock the U.S. economy. He stressed the Fed’s intention to freeze interest rates until the situation becomes clearer.
Brent crude, the international oil benchmark, settled at 61.12 USD per barrel, dropping 1.03 USD (1.66%) from the previous session.
West Texas Intermediate (WTI) crude for June delivery, the U.S. benchmark, slid 1.02 USD (1.73%) to close at 58.07 USD per barrel.
