Brent Extends Losses

Brent crude futures fell below $67 per barrel on Thursday, extending losses from the previous session, as traders assessed US stockpile data and a Federal Reserve rate cut. EIA data showed crude inventories dropped 9.3 million barrels last week on rising exports, though distillate stocks hit their highest since January, adding a bearish tilt. Meanwhile, the US central bank cut interest rates by a quarter point as expected and signaled further reductions to support a softening job market. Yet, despite the dovish pivot that could boost demand, markets remain watchful, as this may also signal growing economic risks for a key oil consumer. Separately, global oil demand averaged 104.4 million bpd through September 17, rising modestly from a year ago and slightly below JP Morgan’s forecast. While travel in the US and China slows after the summer peak, activity in Europe, the Middle East, and Latin America remains steady.