Ammon News - Oil prices eased slightly on Wednesday, after rising more than 1% in the previous session, though ongoing geopolitical jitters provided a floor under prices while traders also awaited an expected interest rate cut from the U.S. Federal Reserve.

Brent crude futures dipped 14 cents, or 0.2%, to $68.33 a barrel by 0405 GMT, while U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $64.39 a barrel.

The benchmarks settled more than 1% higher in the last trading session due to concerns that Russian supplies may be disrupted.

Investors are also awaiting the outcome of the Federal Reserve's September 16–17 meeting, with a new governor, Stephen Miran, on leave from the Trump administration, joining the deliberations, and a second policymaker, Lisa Cook, still facing efforts by President Donald Trump to oust her.

The central bank is widely expected to cut interest rates by 25 basis points on Wednesday, which should stimulate the economy and boost fuel demand.

Crude stocks fell by 3.42 million barrels, and gasoline inventories fell by 691,000 barrels in the week ending September 12, while distillate inventories rose by 1.91 million barrels from the prior week, sources said.

Reuters