Global markets are poised for the latest policy announcement from the Fed, which concludes a two-day meeting later on Thursday.
The Fed's monetary policy decision has been the most closely anticipated for some time, with investors and economists divided over whether the central bank's Federal Open Market Committee will lift rates for the first time in nine years.
Consequently, U.S. stocks traded in a tight range Thursday as the European trading session ended.
Most Asian stocks advanced on Thursday, helped by a positive lead from Wall Street on Wednesday. This helped Japan's Nikkei 225 index offset disappointing trade data released before the open. Chinese stocks however, failed to hold gains, closing in the red.
Global crude prices renewed their fall, with Brent crude prices down more than 2 percent at $48.58 and WTI crude fell 1 percent at $46.65 ahead of the Fed rate decision.
Oil prices jumped nearly 6 percent on Wednesday on a range of factors, including reports that U.S. crude inventories fell in the most recent week.