Oil declines, Brent slips below $93

Oil drilling rigs

Oil prices edged lower today, Sept. 21, amid demand concerns in light of rising interest rates and the slowdown in global economy.

International benchmark Brent crude was trading down 0.7% at $92.9 a barrel, at 08:00 am Makkah time. West Texas Intermediate (WTI) crude declined 0.7% to $89 a barrel.

The US Federal Reserve decided to keep interest rates unchanged at their highest levels in 22 years, while indicating the possibility of another hike this year.

Markets are awaiting the Bank of England's meeting today to decide on interest rates, after recent data showed an unexpected slowdown in the monthly inflation rate.

Data from the Energy Information Administration revealed US crude oil inventories declined by 2.1 million barrels in the week ended Sept. 15, as a result of an increase in oil exports. Earlier estimates had indicated a decline of 2.2 million barrels.

Gasoline and derivatives stocks also fell due to refineries starting seasonal maintenance for autumn.