Read as much as you want on BostonGlobe.com, anywhere and anytime, for just 99¢.

Oil down amid questions on Fed’s policy direction

NEW YORK — The price of oil fell Wednesday as the Federal Reserve indicated it will slow a bond-buying program that has suppressed long-term interest rates by the end of the year.

Benchmark oil for October delivery dropped $1.26 to close at $103.85 a barrel on the New York Mercantile Exchange.

Continue reading below

Meanwhile, the Energy Department reported that crude oil supplies fell by 1.4 million barrels and gasoline stocks dropped by 4 million barrels in the week ended Aug. 16.

Both declines were larger than analysts expected.

Gasoline futures rose 1 cent to $2.94 a gallon.

Brent crude, which is used to set prices for imported oil used by many US refineries, fell 34 cents to $109.81 a barrel on the ICE Futures exchange in London.

The next move for oil could depend on China manufacturing data, scheduled for release Thursday.

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com