India, Sept. 16 -- Oil prices moved lower on Wednesday even as Middle East supply risks remained high. Brent crude futures fell 1.1% to $107.55 a barrel. West Texas Intermediate (WTI) crude fell 1.6% to $104.11 a barrel. Despite Wednesday's fall, both oil benchmarks remained close to four-month highs.

On Tuesday, Brent and WTI had settled at their highest levels since May 19, showing that oil prices are still elevated despite the latest pullback.

The biggest reason for the fall is the Federal Reserve's interest-rate decision. The US Federal Reserve is set to announce its interest-rate decision later Wednesday after a two-day policy meeting. The Fed is widely expected to raise its benchmark interest rate for the first time since 2023.

H...