Oil slips on US growth worries, ample crude supply

Singapore, June 13 (BNA):  Oil prices fell in early trade on Thursday, as investors digested that the U.S. Federal Reserve had likely pushed back an interest rate cut possibly to December, while ample U.S. crude and fuel stocks also weighed on the market.

Brent crude futures lost 37 cents, or 0.5%, to $82.23 a barrel, as of 0655 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.4%, to $78.16.  Both benchmarks had gained about 0.8% in the previous session, Reuters reported.

The Fed held rates steady on Wednesday and pushed out the start of policy easing to perhaps as late as December.

Higher borrowing costs tend to dampen economic growth, and can by extension, limit oil demand.

ZH






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