Expectations of another aggressive U.S. interest rate hike capped gains for oil on Wednesday, despite supply concerns.
The price of oil rose after falling the previous day
The price of U.S. West Texas Intermediate crude was up. The October contract expired on Tuesday, while the November contract lost money.
The undersupply issue is caused by the sanctions on Russia. Iran's nuclear deal faced obstacles and won't bring more supply soon.
The United States doesn't think there will be a breakthrough on the Iran nuclear deal at the UN General Assembly.
3.58 million barrels per day is the new record for the Organization of the Petroleum Exporting Countries and associates including Russia. There is a shortage of supply in the market.
The dollar strengthened ahead of the Fed's rate decision due to a rise in US bond yields.
The Fed is expected to raise rates by 75 basis points for the third time in a row later in the day.
The Bank of England is meeting this week.
According to Vandana Hari, founder of Vanda Insights in Singapore, crude is under the influence of the sombre mood in the financial markets.
As investors waited for the Fed's decision, stocks in Asia sank and bond yields went up.
The dollar hit a two-decade peak against a basket of currencies on Wednesday, making oil more expensive for holders of other currencies. Frex
According to market sources, U.S. crude and fuel stocks rose by about 1 million barrels last week.
According to an extended poll, US crude oil inventories rose by 2.2 million barrels last week.
The head of Saudi state oil giant Aramco warned on Tuesday that the world's spare oil production capacity may be quickly used up when the global economy recovers.
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