Oil rises toward $106 ahead of Fed policy decision

The price of oil rose Wednesday, regaining some of the ground lost this week as oil traders prepared for an expected reduction in the U.S. Federal Reserve's massive monetary stimulus, AP reported. Benchmark oil for October delivery was up 15 cents to $105.57 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to close at $105.42 on Tuesday. Oil fell $1.62 on Monday. Brent crude, the benchmark for international crudes used by many U.S. refineries, dropped 19 cents to $108 a barrel on the ICE Futures exchange in London.