Oil slips 1% after Fed disappoints, U.S. crude output rises - Reuters

Oil slips 1% after Fed disappoints, U.S. crude output rises - Reuters:

Oil prices skidded on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of interest rate cuts and Sino-U.S. talks ended without apparent progress towards resolving a bitter trade dispute.

Brent crude futures, LCOc1 the international benchmark, fell 62 cents, or 1%, to $64.43 a barrel by 0405 GMT, having fallen more than $1 earlier in the session. U.S. West Texas Intermediate (WTI) CLc1 crude was down 67 cents, or 1.2%, at $57.91 a barrel, also having dropped more than a $1 earlier.

The drops came despite a bigger-than-expected decline in inventories in the U.S. and a drop in crude production among OPEC members, along with Libya cutting exports, typically bullish drivers for the market. But U.S. output rose in a market that remains well supplied.