Oil prices were lower today as the market weighed todays Fed decision. The Federal Reserve decided to hold interest rates unchanged, as expected. Policy makers indicated they still expect to reduce them by 750 bps for the end of 2024 but Powell was Dovish in his press conference sending equities higher. Crude inventories fell more than expected as did gasoline stocks while distillate stocks rose. The draw in crude oil inventories was due to higher refinery runs and strong crude oil exports, said Matt Smith, lead oil analyst at Kpler. WTI traded down $1.79 or -2.14% to close at $81.68. Brent traded down $1.43 or -1.64% to close at $85.95.