LONDON—Oil prices rose on Wednesday as investors awaited the outcome of the U.S. Federal Reserve’s June meeting after bullish oil demand growth forecasts from the International Energy Agency (IEA) and OPEC.
Brent crude futures were up 76 cents, or 1 percent, at $75.05 a barrel by 0916 GMT. U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9 percent, at $70.05.
Both benchmarks climbed more than 3 percent the previous day on hopes of rising fuel demand after China’s central bank lowered a short-term lending rate.
Market participants expect the U.S. central bank’s Federal Open Market Committee (FOMC) to pause interest rate hikes because of uncertainty over the economic outlook and the lagged effects of 10 rate increases since March 2022….