Oil Rises as Market Awaits Fed Interest Rate Decision

Oil pours out of a spout from the original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pa., on Oct. 5, 2017. Brendan McDermid/Reuters

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.