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Oil Prices Extend Fall After Surprise Inventory Build


Thursday, 31 October 2019 08:38 WIB

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Oil prices fell for a fourth day on Wednesday, extending losses after a surge in U.S. inventories surprised investors, overshadowing an interest rate cut by the Federal Reserve.

Brent crude futures were down 6 cents at $60.55 a barrel by 00:33 GMT, having fallen by 1.6% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by 16 cents, 0.3%, at $54.90 a barrel, after declining 0.9%.

The Federal Reserve on Wednesday cut interest rates for a third time this year and signaled it plans no further cuts unless the economy takes a turn for the worse.

While a rate cut can often be bullish for oil prices because a stronger economy typically implies higher demand for crude, investors focused on soaring U.S. crude oil stockpiles amid higher imports and a release from national reserves.

Source : Reuters


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