Oil prices fell in Asia on rising US crude stockpiles while traders amid market disappointment over muted stimulus measures from the Federal Reserve and downgrade to the US outlook. New York's main contract, light sweet crude for August delivery, fell by over a dollar to US$80.36 a barrel, while Brent North Sea crude for delivery in August retreated to us$92.22.
The Fed on Wednesday announced that it was extending a programme designed to push down interest rates on long-term bonds, encouraging investors to move money into more neglected securities and lowering costs for borrowers. But traders had been hoping for a third round of asset purchases, or quantitative easing, to boost growth in the world's largest oil consumer. |
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