WTI crude slides below $64 as US inventories, Fed cut weighs

WTI crude futures slipped below $64 per barrel on Thursday, extending losses as traders weighed US inventory data and the Federal Reserve?s rate cut. EIA figures showed a sharp 9.3 million-barrel draw in crude stocks on rising exports, but distillate inventories surged to their highest since January, sparking demand concerns. The Fed delivered a widely expected quarter-point cut and hinted at more to come, yet fears of economic slowdown kept sentiment cautious. A stronger US dollar, with the dollar index climbing above 96.5, added further pressure on oil. On the domestic front, MCX crude oil futures for October delivery traded 0.7% lower at Rs 5598 per barrel.

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