Oil falls as Fed rate cut stirs economic worries

Brent crude futures for November settled at US$73.65 a barrel, losing 5 cents, while WTI crude futures for October settled at US$70.91 a barrel, falling 28 cents.

NEW YORK: Oil prices slipped lower on Wednesday as a rate cut announcement from the Federal Reserve raised worries about the health of the US economy, while investors largely shrugged off a crude oil inventory decline that they attributed to the impact of short-lived weather.

Brent crude futures for November settled at US$73.65 a barrel, losing 5 cents, while WTI crude futures for October settled at US$70.91 a barrel, falling 28 cents.