Oil prices were largely stagnant in Asian trade Thursday as market participants remained on the sidelines awaiting the U.S. Federal Reserve’s decision on interest rates. Most traders are keeping a close eye on the outcome of the Federal Reserve meeting with the expectation that the U.S. government will stand pat on interest rates due to continuing concerns about the global economy and recent volatility in Chinese equity markets. Softer U.S. inflation data released overnight also makes a rate increase less likely. Global markets were generally higher, while the U.S. dollar is under some pressure ahead of the Fed briefing. U.S. stocks closed higher Wednesday, helping boost sentiment as most Asian markets gained Thursday, with the Shanghai Composite was last up around 0.5%. On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $47.12 a barrel at 0418 GMT, down […]