US stocks close lower ahead of Fed's interest rate decision

US stock indices closed lower on Tuesday, ahead of the Federal Reserve's interest rate decision.

The US producer price index rose 0.8% in May, beating forecasts of a rise by 0.5%, and the core reading rose by 0.7%, higher than forecasts of 0.5%.

The US retail sales index fell 1.3% in May, worse than forecasts of drop by 0.6%, and the core reading fell 0.7%, missing forecasts of a rise by 0.4%.

The Fed is convening later today to decide on monetary policy and provide clarity over the future of monetary policy in the US, amid expectations to keep the interest rate between 0.0% and 0.25% unchanged. 

To the oil market, WTI crude July futures rose 1.8% or $1.24, and crude closed at $72.12 a barrel, after hitting a high of $72.1 and a low of $70.8.

Brent August futures rose 1.5% or $1.13, and closed at $73.99 a barrel, after hitting a high of $74 and a low of $72.7.

As for stocks, Dow Jones fell 0.2% or 94 points, and closed at 34,299, with a day high of 34,420, and a low of 34,199.

Nasdaq fell 0.7% or 101 points to 14,072, with a high of 14,171 and a low of 14,052.

S&P 500 fell 0.2% or 8 points to 4,246, after hitting a high of 4,257 and a low of 4,238.