Oil prices are down as investors await the US Federal Reserve meeting to gauge appetite for interest rates hikes and assess rising Russian oil production and demand prospects in China. Brent crude futures fell 2.8% to $72.67 a barrel while US West Texas Intermediate crude was down 3.3% at $67.84. Commentators suggest it is a "clash between two opposing forces" with bearish asset allocators pointing towards monetary contraction being a dominant force at present. Bank of America Global Research expects Brent crude to average about $80 a barrel in 2023.