Oil fell on Wednesday as the market expected interest rate hikes by the United States Federal Reserve.

The Federal Reserve of the United States is expect to raise interest rates again to combat inflation. According to Atlanta Fed President Raphael Bostic on Tuesday.

Oil prices rose on Tuesday after an industry study showed that US crude stocks declined by 2.68 million barrel in the week ending April 14.

The reality that its economy is expanding at its quickest rate in a year should speak well for demand in the coming months

Asian refiners’ continued seizure of Russian crude in April is exerting additional pressure on oil benchmarks.

According to traders and estimations, India and China have purchased the great bulk of Russian oil so far in April at rates higher than the Western prices cap of $60 per barrel.