fears of a slowdown across the oilguzzling us economy have weighed on crude prices in recent weeks a fed rate hike wednesday could add momentum to the selloff us crude recently traded at 7349 a barrel a nearly 12 decline since april 12 as shipping companies have warned of a freight recession that has sidelined dieselhungry trucks carrying goods to warehouses and stores across the country market expectations of more monetary tightening by washington have contributed to the selloff rystad energy told clients tuesday oil traders will also be watching fed chair jerome powell for any hints on the central banks rate path moving forward any signal of a higher for longer outlook from the fed on interest rates holds further downside risk for oil prices in the short term rystad senior analyst louise dickson wrote