Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.
Brent futures for November delivery were down 71 cents, or 0.76%, to $92.82 a barrel by 0608 GMT. U.S. West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14.
“The Fed kept rates unchanged at yesterday’s FOMC meeting, as widely expected. However, it was still seen as a hawkish pause, which put some pressure on risk assets” such as oil, said ING analysts in a client note.
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