Oil Prices Dip as US Federal Reserve Cuts Rates

Oil prices slipped on Wednesday following a US Federal Reserve announcement to slash interest rates by 50 basis points.Brent crude futures for November delivery fell five cents to $73.65 a barrel, while US crude futures for October delivery fell 28 cents to $70.91 a barrel.Earlier today, US Energy Information Administration announced that US crude inventories fell by 1.6 million barrels to 417.5 million, a decrease of 500,000 barrels from previous expectations.Source: Qatar News Agency