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