Crude oil prices continued to fall Wednesday morning, having already dropped more than 20 percent this month.
Chinese demand for oil is seen declining just as Iraq, Iran and others are ramping up production.
A stronger U.S. dollar is also hurting oil along with most commodities.
U.S. crude oil for September was down 36 cents at $47.63 a barrel, near its lowest since 2009.
Weekly crude stocks were down 1.9 million bbls, according to industry data from the American Petroleum Institute.
Markets are waiting on the latest interest rate decision from the Federal Reserve. This afternoon the Fed is expected to keep rates at zero but lay the groundwork for a rate hike by year’s end.
The material has been provided by InstaForex Company – www.instaforex.com