Oil Prices Edge Lower Ahead of Fed Decision; Bitcoin Near Four-Week Low After Failed Clarity Vote — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.4% to $108.35 a barrel.

--European benchmark gas is up 0.6% to 80.53 euros a megawatt-hour.

--WTI crude oil is down 0.9% to $104.85 a barrel.

--Gold futures are down 0.3% to $4,280.10 a troy ounce.

--Copper futures are up 0.6% to $6.4095 a pound.

--Bitcoin remains largely unchanged at around $75,850.

TOP STORY:

Oil Prices Edge Lower Ahead of Fed Decision

Oil prices edged lower in early European trading Wednesday ahead of the Federal Reserve's interest-rate decision, while continuing disruptions in the Middle East and Houthi advances kept supply risks elevated.

Brent crude futures fell to around $108.35 a barrel, while West Texas Intermediate declined to around $104.85 a barrel. Both benchmarks remained near four-month highs after settling Tuesday at their highest levels since May 19.

The pullback came amid a strong dollar and elevated Treasury yields, while data from the American Petroleum Institute showed U.S. crude inventories rose by 7.1 million barrels last week, helping alleviate some immediate supply concerns, according to MUFG's Soojin Kim.

OTHER STORIES:

Bitcoin Near Four-Week Low After Senate Rejects Clarity Act

Bitcoin traded near a four-week low Wednesday as investors awaited the Federal Reserve's interest-rate decision, after the cryptocurrency fell around 4% Tuesday following the U.S. Senate's rejection of the crypto-friendly Clarity Act.

Bitcoin was around $75,850 in European trading, after falling as low as $75,026 Tuesday. The Senate blocked the Trump-backed legislation in a 49-50 vote, short of the 60 votes needed to advance it to a formal floor vote.

A Fed rate increase could add pressure to cryptocurrencies, while signals that further tightening will be limited could ease Treasury yields and the dollar, supporting sentiment. Bitcoin holding around $75,000-$76,000 despite 5% Treasury yields and the legislative setback indicates underlying demand, Zaye Capital Markets' Naeem Aslam said. Etoro's Javier Molina said a break below $75,000 could expose the $69,000-$70,000 area.

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Gold Prices Fall Back Ahead of Fed Decision

Gold futures fell back to around $4,280 a troy ounce after rising earlier Wednesday as investors positioned for the Federal Reserve's interest-rate decision.

Easing oil prices and Treasury yields had initially supported bullion, with gold rising as much as 0.8% to $4,366.40 earlier in the session. MUFG's Soojin Kim said the Fed's guidance would be critical, with a more hawkish signal likely to sustain pressure through higher yields, while a less aggressive tightening path could support gold demand.

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Copper Rises on Stronger China Data

Copper prices rose Wednesday after stronger-than-expected Chinese economic data provided support to industrial metals.

Three-month LME copper rose 0.8% to $14,114 a metric ton in European trading, while Comex copper was up 0.6% at around $6.41 a pound. The move came despite an unexpected increase in inventories in London Metal Exchange warehouses.

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European Gas Prices Remain Elevated as Middle East Risks Persist

European natural-gas prices remained elevated Wednesday, with the Dutch TTF benchmark up around 0.6% at 80.53 euros a megawatt-hour.

Prices remain high as disruptions in the Middle East continue to weigh on the outlook for LNG supplies from the Persian Gulf. The market is also approaching the Northern Hemisphere heating season after the regional conflict tightened global LNG availability.

MARKET TALKS:

Oil Prices Retreat as U.S. Inventories Rise -- Market Talk

0659 GMT - Oil prices fall in early European trade after a surge triggered by mounting supply concerns eases. MUFG's Soojin Kim says the pullback followed signs that the rally had become technically stretched. American Petroleum Institute data showed U.S. inventories rose by 7.1 million barrels last week, helping alleviate some immediate supply worries. Kim says rising inventories could temper the immediate rally, but persistent Saudi supply disruptions and risks around the Strait of Hormuz and Red Sea should keep the oil market tight and prices volatile. Brent falls 0.5% to $108.25 a barrel while WTI falls nearly 1% to $104.85 a barrel. (adam.whittaker@wsj.com)

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Gold Boosted by Easing Oil Prices, Treasury Yields -- Market Talk

0724 GMT - Gold rises as oil prices and Treasury yields ease ahead of the Federal Reserve's interest-rate announcement due later Wednesday. The slight fall in oil prices has helped allay some energy-driven inflation concerns but not enough to quell expectations the Fed will hike rates. Noninterest-yielding gold also got a boost as 10-year and two-year Treasury yields edged lower. "The Fed's guidance will be critical for gold, with a more hawkish signal likely to sustain pressure through higher yields, while a less aggressive tightening path could allow gold to regain support from geopolitical uncertainty and portfolio-hedging demand," MUFG's Soojin Kim writes. New York gold futures rise 0.8% to $4,366.40 a troy ounce. (adam.whittaker@wsj.com)

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London Miners Rise as Oil Slips and Commodities Gain -- Market Talk

0736 GMT - London's miners rise in opening trade Wednesday as oil prices fall and commodities gain. Oil prices slip as immediate supply concerns are eased by an unexpected jump in U.S. inventories. Miners are among the world's largest consumers of diesel. Gold prices also rebound around 1% on easing oil prices and a fall in Treasury yields. Silver is up 2.3%, while three-month LME copper futures rise 0.8%. Anglo American gains 1.8%, BHP's London shares rise 1.4%, Antofagasta is up nearly 3% and Fresnillo gains 3.1%. (adam.whittaker@wsj.com)

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Brent's Rise Above $100 Reflects Pricing In of Severe Risk Scenario -- Market Talk

0928 GMT - Brent's rise above $100 a barrel reflects traders pricing in a severe supply-risk scenario, BNY Investments' Aninda Mitra says. Markets are prioritizing oil-supply security as geopolitical risks rise, though physical disruptions remain more limited than prices might imply. Attention is increasingly focused on risks around both the Strait of Hormuz and Bab al-Mandeb.

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

September 16, 2026 06:17 ET (10:17 GMT)