An industry report noted U.S. inventories dropped by 550,000 barrels but, by contrast, analysts forecast the U.S. Energy Department will issue a report noting the contraction amounts to 1.3 million barrels.
But one analyst said the energy commodity is immune from the upshot of two days of meetings of U.S. Federal Reserve policy makers, known as the Federal Open Market Committee. The body was scheduled to wrap up its meetings on Wednesday afternoon.
"Oil has really decided it has no interest in the FOMC, it has not priced in any significant stimulus," analyst David Morrison with GFT Global told Reuters. "It must be because investors are looking ahead and seeing that the situation in Europe isn't going to get any better, while the outlook for demand in the U.S. is poor and China is slowing too."
At 8:08 a.m. on Wednesday, crude oil futures fell 0.4 percent, a 38 cent decrease to $95.38 per barrel.
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