Oil slips as robust supply outweighs Fed cut

Brent crude futures settled at US$66.68 a barrel, down 76 cents or 1.1%. US West Texas Intermediate futures finished at US$62.68, down 89 cents or 1.4%.

HOUSTON: Oil prices dropped on Friday as worries about large supplies and declining demand outweighed expectations that the year's first interest-rate cut by the US Federal Reserve would trigger more consumption.

Brent crude futures settled at US$66.68 a barrel, down 76 cents or 1.1%. US West Texas Intermediate futures finished at US$62.68, down 89 cents or 1.4%.