The Fed said it would drop its quantitative easing program from $75 billion in asset purchases in January to $65 billion. The move signaled continued confidence in the U.S. recovery.
Light, sweet West Texas Intermediate crude on the New York Mercantile Exchange lost 11 cents to hit $97.30 per barrel.
Gasoline gained 3.31 cents to reach $2.6548 a gallon.
Home heating oil added 5.24 cents to hit $3.1742 a gallon.
As winter weather moved south with two inches of snow falling in Atlanta, natural gas surged, gaining 52 cents to reach $5.56 per million British thermal units.
The national average price of unleaded regular gasoline dropped to $3.277 per gallon from Tuesday's $3.279, the AAA Daily Fuel Gauge Report said.
Notable deaths of 2014 [PHOTOS]
GM recalls 221,000 Cadillacs and Impalas