Oil Prices Dip as Demand Fears Overshadow Fed Rate Cut
Oil prices dropped on Friday as worries over fuel demand outweighed expectations that the year's first interest rate cut by the U.S. Federal Reserve would trigger more consumption.
Brent crude futures were down 14 cents, or 0.2%, at $67.30 a barrel by 1051 GMT while U.S. West Texas Intermediate futures lost 28 cents, or 0.4%, to $63.29.
Both benchmarks were still on track for a second consecutive weekly gain.
The Fed cut its policy rate by a quarter of a percentage point on Wednesday and indicated that more cuts...
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