NEW YORK, Sept. 21 (Xinhua) -- Oil prices fell on Wednesday, pressured by the Federal Reserve's rate hike decision and a climb in U.S. crude stockpiles.
The West Texas Intermediate for November delivery decreased 1 U.S. dollar, or 1.2 percent, to settle at 82.94 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 79 cents, or 0.9 percent, to settle at 89.83 dollars a barrel on the London ICE Futures Exchange.
The Fed on Wednesday delivered a third consecutive 75-basis-point hike this year in a bid to fight stubborn inflation. The move came amid growing concerns that aggressive central bank tightening would slow the global economy and hurt demand for energy.
Meanwhile, the U.S. Energy Information Administration (EIA) reported that the nation's crude oil inventories increased by 1.1 million barrels during the week ending Sept. 16.
According to the EIA, total motor gasoline inventories rose by 1.6 million barrels last week, while distillate fuel inventories increased by 1.2 million barrels.
