Oil prices mixed ahead of Fed meeting, US inflation data

By Firdevs Yuksel

ANKARA (AA) - Oil prices were mixed on Tuesday ahead of the US Federal Reserve (Fed) meeting and inflation data from the world's largest oil consumer.

International benchmark Brent crude traded at $81.61 per barrel at 10.27 a.m. local time (0727 GMT), a decrease of 0.02% from the closing price of $81.63 per barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $77.75 per barrel at the same time, a 0.01% rise from the previous session that closed at $77.74 per barrel.

The release of US consumer price index data and the conclusion of the Fed's two-day policy meeting are both scheduled for Wednesday.

The Fed is widely expected to keep its federal funds rate unchanged in the 5.25%-5.5% target range on Wednesday, while investors will focus on chair Jerome Powell's comments in the post-meeting news conference.

The lower probability of an interest rate cut this year put downward pressure on oil prices.

Market players are also focusing on OPEC's monthly oil market report due Tuesday, which will give indicators on the market supply-demand balance.