Oil Prices React to Global Economic News Ahead of Fed Meeting.

Oil prices rose on Tuesday morning as bargain hunters moved in, with WTI trading at $67.86 and Brent changing hands at $72.83. Most analysts expect a pause in rate hikes from the Fed meeting, which could temporarily stop the recent collapse in oil prices. However, doubts over China's economic recovery continue to dominate markets, and the effect of the pause on oil prices may not be durable. The US government's purchase of 3 million barrels of crude for the strategic petroleum reserve has helped boost sour crude prices to a one-year high.