Investing.com - Crude oil fell on Wednesday, snapping gains that pulled prices back from almost 11-year lows, as investors awaited the outcome of a Federal Reserve meeting, where interest rates are likely to be raised.
U.S. crude futures were down 0.58% at $37.13 a barrel at 11.57 GMT as worries over a global supply glut continued to dominate market sentiment.
Internationally traded Brent futures fell 2.04% to $37.94 a barrel.
The Fed is widely expected to hike interest rates at the conclusion of it's monetary policy meeting on Wednesday, eight years after a devastating recession opened an era of loose U.S. monetary policy.
A rise in rates is typically negative for oil prices because a hike is likely to prop up the greenback, making crude contracts more expensive as they are denominated in dollars.
Oil traders were also looking ahead to the weekly supply report from the U.S. Energy Information Administration at 10:30AM ET.