BEIJING - Oil prices fell in Asian trading on Thursday after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy.
"While the 50 basis point cut hints at harsh economic headwinds ahead, bearish investors were left unsatisfied after the Fed raised the medium-term outlook for rates," ANZ analysts said in a note."Ongoing demand concerns from China overshadowed the Fed's decision," IG market analyst Tony Sycamore said.
However, Citi analysts said Chinese oil demand may rebound by 300,000 barrels per day year-on-year in the fourth quarter on improved independent refinery runs and the start-up of new refiner Shandong Yulong Petrochemical, offering some support to global demand. Parts of the Prairies will see more stormy weather on Thursday, with a potential for tornadoes included in northwestern OntarioSearch for suspect in Kentucky highway shooting ends with discovery of body believed to be his
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