|Oil prices rose early Wednesday, potentially pausing a week-long selling spree. Prices declined slightly on Tuesday on fears that U.S. inventories were too high and a global glut was continuing despite cuts by OPEC and other major oil producers. West Texas Intermediate crude dropped by 1.4 percent on Tuesday but offset that with a 2 percent gain early Wednesday. The U.S. benchmark has fallen from nearly $55 a barrel in late February to $47.72 on Tuesday. The markets will be watching the Federal Reserve’s decision on interest rates later in the day. A rate hike could boost the dollar, making oil traded in dollars more expensive.
Source: MarketWatch, The Associated Press