West Texas Intermediate fell 50 cents to USD 36.85 a barrel by 0048 GMT after rising more than USD 1 on Tuesday.
It fell to USD 34.53 on Monday, the lowest since it financial crisis bottom of USD 32.40, before ending the day higher. Brent had yet to trade. The contract settled up 53 cents at USD 38.45 a barrel on Tuesday, closing higher for the first in eight days.
On Monday, the global oil benchmark came within 14 cents of a December 2008 bottom of USD 36.20, unleashing a surge of buying support.
The Federal Reserve on Tuesday started a two-day meeting where it is expected to raise rates eight years after a devastating recession opened an era of loose US monetary policy.
A rise in rates is typically negative for oil prices because a hike is likely to prop up the greenback, making crude contracts more expensive as they are denominated in dollars.
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Crude oil prices dropped on rising output from the Middle East and ahead of an OPEC meeting later this week as estimated by Epic Research. We also provide Forex Tips for traders.
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