NEW YORK (AP) - Oil prices dipped Tuesday as traders waited for direction from the Federal Reserve on how best to boost U.S. economic growth. Benchmark oil for October delivery lost $1.79 at $73.07 a barrel in morning trading on the New York Mercantile Exchange. Tuesday is the last day of trading in the October contract, so many traders moved to the November contract, where the price was down 97 cents at $75.22 a barrel. At the pump, the national average for a gallon of unleaded regular gasoline fell half a cent overnight to $2.721, according to AAA, Wright Express and the Oil Price Information Service. The average is 0.4 cent more than it was a week ago and 17 cents higher than a year ago. Federal Reserve policymakers are holding a one-day meeting, debating whether to take more steps to encourage economic growth and cut high unemployment. Few analysts expect the Fed to announce major new stimulus programs or changes in interest rates. Some investors think that the Fed's rate-setting committee could relaunch programs to buy Treasurys and mortgage bonds to stimulate the economy. An announcement was expected later Tuesday. Oil prices have traded in a narrow range for weeks-between $70 and $80 a barrel-with supplies of crude, gasoline and diesel stay high with soft demand in the weak economy. The Energy Department will release its latest inventory totals on Wednesday. They are expected to show crude oil stocks down 1.5 million barrels and gasoline stocks unchanged for the week ending Sept. 17, according to analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. Although the Federal Reserve's actions are important, the oversupply is "really starting to weigh on people's minds," said Michael Lynch, president of energy consulting firm Strategic Energy & Economic Research in Winchester, Mass. Stocks lost a little ground after Monday's rally. Oil traders watch the stock markets for hints about consumer sentiment. The Dow Jones Industrial Average lost about 17 points in morning trading, a day after closing at a four-month high. The NASDAQ and the S&P 500 fell slightly, too. In other Nymex trading in October energy contracts, heating oil fell 0.46 cent to $2.1348 a gallon, gasoline lost 1.59 cents at $1.9337 a gallon and natural gas gained 14.4 cents at $3.966 per 1,000 cubic feet. In London, Brent crude fell 56 cents to $78.80 a barrel on the ICE Futures exchange. ——— Associated Press writers Pablo Gorondi in Hungary and Alex Kennedy in Singapore contributed to this report.

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