Oil prices steadied Wednesday after tumbling more than $3 a barrel in the previous session on a strengthening U.S. dollar and data showing a dramatic drop in American fuel demand. Trading was cautious in Asia as market participants awaited the U.S. Federal Reserve's decision on interest rates later Wednesday. Analysts believe a quarter percentage point rate cut is already factored into the oil market. A decision to hold rates steady could further strengthen the dollar, though, causing oil to resume its slide.

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