21.09.201714:52:00UTC+00Crude Oil Rally Pauses On Rate Hike Chatter

Crude oil futures inched lower Thursday, trimming recent gains after the Federal Reserve suggested a rate hike is imminent.

Yesterday, the Fed kept its key interest rate unchanged but maintained their so-called 'dot plot' of rate projections for this year and next, strongly hinting at a December rate hike.

Also, the Fed said it will begin shrinking its bloated $4.5 trillion portfolio in October by allowing $10 billion in bonds to mature without replacing them.

Also denting oil prices, the EIA said U.S. stockpiles jumped again last week as refineries were slow to get back to normal after Hurricane Harvey.

WTI light sweet crude oil was down 14 cents, or 0.3%, to settle at $50.55/bbl on Nymex , easing from a 6-week high.