The US Federal Reserve in Focus

Oil prices fell more than 1 dollar on Thursday, for the first time in six days, after the US Federal Reserve has wiped out the hope of a series of rate cuts and the negotiations Sino-US trade has been completed without progress.

The decline occurred despite a larger-than-expected decline in inventories in the United States and a decline in crude oil production among OPEC members, as well as a reduction in Libyan exports, generally bullish engines for the market.

Brent, an international benchmark, lost $ 1.06, or 1.6%, to $ 63.99 per barrel at 00:37 GMT, while US crude oil lost 93 cents, or 1.6 cents a barrel. %, at $ 57.65 a barrel, after falling more than a dollar earlier.

The Federal Reserve cut interest rates on Wednesday, but against all odds, the US central bank president said the move would not be the start of a long series of cuts to strengthen the economy to cope risks, including the weakness of the global economy.

"Although the reports on the US stocks, which are remarkably bullish, provide a very encouraging backdrop for the oil markets, oil prices have collapsed, because any forward-looking monetary policy support from the Fed is almost evaporated, "said Stephen Innes, Managing Partner, VM Markets. in a note.

At the same time, negotiators from the United States and China, the world's two largest economies, concluded Wednesday a round of trade talks with no visible signs of progress and postponed their next meeting until September.

Meanwhile, crude inventories in the United States declined for the seventh consecutive week, falling to their lowest levels since November, as production rebounded and net imports rose, Energy reported on Wednesday. Information Administration.

Crude inventories fell by 8.5 million barrels in the week ending July 26th, far exceeding badysts' forecasts of 2.6 million barrels.

Oil production among members of the Organization of the Petroleum Exporting Countries (OPEC) reached its lowest level in eight years in July, a further voluntary reduction by the main exporter, Saudi Arabia , compounded the losses caused by US sanctions against Iran and breakdowns elsewhere in the group, Reuters said. investigation found.

Libyan national oil company National Oil Corp. Wednesday said the major force on crude oil shipments from the largest oil field in the country.

A monthly Reuters survey showed that oil prices are expected to remain close to current levels this year, as slowing economic growth and the prolonged trade dispute between the US and China limit demand.