Crude oil traded down more than 1% on Wednesday as the market awaited the Federal Reserve's (Fed) interest rate decision.
In the European session, Brent oil futures fell 1.3% to around $93.07 a barrel, retreating from the 10-month high it hit yesterday (Tuesday) at $95.91 a barrel.
Meanwhile, US WTI trading fell around 1.4% to $89.25 a barrel, after reaching a high of $92.63 a barrel yesterday.
The oil market appears to be 'taking a break' from continuing to rise as investors await an important decision by the Fed early Thursday morning.
Despite this, expectations for oil prices remain bullish, with Goldman Sachs in its latest forecast seeing Brent trading as having the potential to soar to $100 a barrel.
It is not just an expectation from Goldman, even most analysts have seen the potential since early September when oil prices continued to show an increase.
As is widely known, oil prices have strengthened following moves by Saudi Arabia and Russia to implement their voluntary production cuts until the end of the year.
In addition, weekly US crude oil inventories also continued to record consecutive declines, thus supporting expectations of tighter supplies in the global market.
