Oil Slips on US Growth Worries
Singapore, 13 Jun (ONA) —- Oil prices fell in early trade as investors digested news that the US Federal Reserve has opted against cutting interest rates in the near future, while ample US crude and fuel stocks further weighed on the market.
Brent crude futures lost 14 cents, or 0.17%, to $82.46 a barrel and US West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.2%, to hit $78.34. Both benchmarks had gained about 0.8% in the previous session.
The US Federal Reserve held interest rates steady yesterday (Wednesday) and pushed out the start of rate cuts to perhaps as late as December.
—- Ends/Khalid