Oil Drops Below $65 On Fed Outlook, Ample Supply - Dollar Advisory | Best Commodity Tips Provider

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Oil Drops Below $65 On Fed Outlook, Ample Supply

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Oil dropped below $65 a barrel on Thursday, declining for the first time in six days, after the US Federal Reserve dampened hopes for a string of interest rate cuts and as rising US output helped keep the market well supplied. Brent crude, the international benchmark, fell 69 cents to $64.36 a barrel, having dropped more than $1 earlier in the session. The Federal Reserve reduced rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against global economic weakness.

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