Crude oil futures declined on Wednesday as investors were uncertain after release of the current Federal Open Market Committee meeting in which the officials forecasted sluggish economic growth till the end of the current year. Many analysts believed that profit taking was overdue after the bullish rally of consecutive five days. Analyst, Jim Ritterbusch from Ritterbusch and Associates in Illinois commented, “On balance, oil is running out of steam after five days of gains.”

Crude oil futures contract for November delivery fell 0.3 percent or $0.24 to settle at $85.57 at New York Mercantile Exchange. Further EIA also downgraded its outlook for oil demand this year.

Gasoline futures contract for November delivery slightly fell $0.01 to settle at $2.75 per gallon while heating oil futures contract for same month delivery gained 1.1 percent or $0.03 to $2.93 per gallon.

Natural gas futures contract for November delivery fell 3.5 percent or $0.13 to settle at $3.49 per million British thermal units which also happens to its largest gain in a single day since September 15^th.

Among other commodities, wheat futures contract for December delivery fell 5.2 percent or $0.34 to $6.27 per bushel on Chicago Broad of Trade. December’s corn contract dropped 0.7 percent or $0.04 to settle at $6.41 per bushel while soybeans futures contract for November delivery gained $0.04 to $12.39 per bushel on CBOT.