Oil prices fall but remain at elevated levels

International oil prices declined on Wednesday, but remained at elevated levels.

The West Texas Intermediate for October delivery dropped 3.21 percent to settle at 102.43 U.S. dollars a barrel on the New York Mercantile Exchange.

Brent crude for November delivery shed 2.69 percent to settle at 105.83 dollars a barrel on the London ICE Futures Exchange.

Oil prices fall but remain at elevated levels

Oil prices fall but remain at elevated levels

U.S. stocks ended lower on Wednesday, with all three major indexes closing in the red as investors digested the Federal Reserve's decision to raise interest rates for the first time in three years. The Dow Jones Industrial Average fell by 631.21 points, or 1.21 percent, to 51,461.9. The S and P 500 sank 33.92 points, or 0.45 percent, to 7,551.81. The Nasdaq Composite Index shed 3.15 points, or 0.01 percent, to 25,978.43.

Eight of the 11 primary S and P 500 sectors ended in the red, with energy and financials leading the laggards by dropping 2.97 percent and 1.63 percent, respectively. Meanwhile, technology and health led the gainers by adding 0.1 percent and 0.04 percent, respectively.

The Fed on Wednesday raised its target federal funds rate by 25 basis points to a range of 3.75 percent to 4 percent, marking its first rate hike since July 2023 as it battles stubborn inflation.

U.S. stocks fall on first Fed rate hike in over 3 years