Oil drops on expectations of data from Fed Reserve

World oil prices dropped Wednesday on overall pessimism at stock exchanges in anticipation of the Fed Reserve meeting results, Report informs, referring to data from tradings.

Brent's April futures fell 0.38% to $86.85 per barrel, while March futures for WTI dropped by 0.43% to $85.24.

Investors are waiting for the results of the Fed Reserve meeting to be made public later on Wednesday. Analysts say the regulator will likely announce the soonest toughening of the monetary policy.

Oil prices are also driven down by data from the American Petroleum Institute (API) on weekly oil stocks in the United States. For the week ended January 21, the indicator dropped by 0.87 million barrels, against the expected 0.4 million.