Oil falls ahead of US Fed decision

AFP, LONDON: Oil prices fell yesterday as jittery investors awaited a key interest rate decision from the US Federal Reserve.
US benchmark West Texas Intermediate (WTI) for delivery in October dropped 58 cents to $46.57 a barrel from Wednesday's close.
Brent North Sea crude for November shed 60 cents to stand at $49.15 a barrel in London midday deals.
Prices were lower as traders took profits after crude futures had soared Wednesday.
WTI surged almost six percent and Brent jumped more than four percent after the US Department of Energy revealed a weekly drop of 2.1 million barrels in crude inventories.
That included a 1.9 million-barrel decline at the Cushing, Oklahoma trading hub, indicating stronger demand in the world's top oil consumer. The report also said US oil production fell for the sixth straight week.
"For the oil market, the fact that US oil production was down once again may perhaps be even more relevant than the decline in stocks," said Commerzbank analyst Carsten Fritsch.

Oil falls ahead of US Fed decision

AFP, LONDON: Oil prices fell yesterday as jittery investors awaited a key interest rate decision from the US Federal Reserve. US benchmark West Texas Intermediate (WTI) for delivery in October dropped 58 cents to $46.57 a barrel from Wednesdays close. Brent North Sea crude for November shed 60 cents to stand at $49.15 a barrel in London midday deals. Prices were lower as traders took profits after crude futures had soared Wednesday. WTI surged almost six percent and Brent jumped more than four percent after the US Department of Energy revealed a weekly drop of 2.1 million barrels in crude inventories. That included a 1.9 million-barrel decline at the Cushing, Oklahoma trading hub, indicating stronger demand in the worlds top oil consumer. The report also said US oil production fell for the sixth straight week. For the oil market, the fact that US oil production was down once again may perhaps be even more relevant than the decline in stocks, said Commerzbank analyst Carsten Fritsch.