Brent crude futures for September fell 6 cents to $66.66 a barrel by 0022 GMT. U.S. crude for August was down 5 cents at $60.16 a barrel, after both contracts last week posted their biggest weekly gains in three weeks.
While new economic projections showed policymakers' views of growth and unemployment largely unchanged, they saw headline inflation at just 1.5 percent for the year, down from the 1.8 percent projected in March.
Global financial institutions will attend a US-led conference on the Palestinian economy this month that the Trump administration has cast as an overture to its Middle East peace plan, the International Monetary Fund (IMF) said on Wednesday.
The S&P 500 was down 0.7% Wednesday, tumbling for a second consecutive session, but overall is down only about 5.5% from its early May high. The unemployment rate is at a five-decade low. With major companies nearly done releasing their first-quarter results, 76% had results above expectations.