Brent down 0.73, WTI futures down about 0.85
U.S. crude stocks up 3.3 mln barrels last week API
Uncertainty over Fed rate decision driving pricing ING Bank

BEIJING, March 22 Reuters Oil slipped in Asian trade on Wednesday, after two straight days of gains, as an industry report showed U.S. crude inventories rose unexpectedly last week in a sign demand may be weakening.

Brent futures, which have risen more than 3 this week, were down 55 cents, or 0.73, at 74.77 a barrel at 0755 GMT. U.S. West Texas Intermediate WTI crude futures were down 59 cents, or 0.85, at 69.08.

Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories rose by about 3.3 million barrels in the week ended March 17, sources said.

That defied expectations for a drawdown of about 1.6 million barrels from eight analysts polled by Reuters.

Traders and analysts will be looking out for data from the U.S. Energy Information Administration on Wednesday to see whether it confirms signs of weaker crude demand.

However, key for markets today will be the FOMC meeting amid continued uncertainty over whether the Fed will hold rates or hike by 25bp, analysts at ING Bank said in a client note.

Markets are awaiting the outcome of what is widely seen as the most challenging Fed policy decision in recent times.

Following the meeting, Chair Jerome Powell is expected to unveil new economic projections and the central bank39;s path for interest rate hikes.

Despite market expectations…