Oil prices down amid expectations that major producers would keep supplies tight

Oil prices were down today amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy.

In intra-day trade, Brent crude was trading at 88 dollars and 32 cents per barrel. West Texas Intermediate crude price was at 85 dollars and 32 cents per barrel when reports last came in.