Oil Steadies Ahead of Fed Rate Decision Oil eked out a meager gain as the dollar weakened, with much of the market waiting to see what the Federal Reserve will decide regarding rate hikes when it meets later this week. West Texas Intermediate inched forward to settle above $85 a barrel, paring earlier losses as the dollar dropped from record highs. Oil fell as much as 3.5% to near $82 a barrel as markets look ahead to a week filled with global central-bank decisions . Monetary policymakers will decide whether to try to tame inflation with further interest-rate hikes. The afternoon’s price rally was “a knee-jerk reaction to the oversold situation that we had this morning,” said Robert Yawger, director of the futures division at Mizuho Securities USA. “I’d be surprised if we held onto these gains over the next couple of days,” especially heading into the Federal Reserve’s […]