Crude oil prices fell a second day on Thursday as traders continued to express their worries about the U.S. economic outlook.
The fall came a day after the U.S. Federal Reserve cut interest rates for the first time in 2025.
Reuters reported the Fed cut its policy rate by a quarter of a percentage point on Wednesday and indicated it will steadily lower borrowing costs over the rest of the year, responding to signs of weakness in the jobs market. Lower borrowing costs typically boost demand for oil and push prices higher.
West Texas Intermediate crude dropped 48 cents or 0.8% to finish at $63.57 a barrel on the New York Mercantile Exchange.
Brent crude futures considered to be the global standard, finished down 51 cents or 0.8% at $67.44 a barrel.
Natural gas also took a big hit, falling 5.42% as prices fell $0.168 to settle at $2.932 MMBtu.
Oklahoma energy stocks on average finished in the positive column.
NGL Energy Partners finished up more than 5% for the day.