Oil prices slip despite ongoing supply concerns; eyes on Fed

[Oil Pumps And Rig At Sunset By The Sea]
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Crude benchmarks edged lower on Wednesday, with Brent (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) down 0.4% at $68.17 a barrel and West Texas Intermediate (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) sliding by 0.5% to $64.21 by 8:51 a.m. ET. Analysts noted that ongoing worries about Russian output, amid Ukrainian strikes on energy facilities and the possibility of tougher Western sanctions,have not been enough to provide lasting support to the market.

Attention now turns to the Federal Reserve, whose remarks later Wednesday could sway sentiment. A shift in guidance toward rate cuts would likely weaken the U.S. dollar and raise hopes for stronger demand, though traders remain wary that global supplies could soon outpace consumption.

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