Doha: Oil prices were little changed on Friday after falling in the previous session, as concerns over fuel demand in the United States offset support from the Federal Reserve's first interest rate cut of the year. Brent crude futures slipped 1 cent to $67.43 a barrel, while US West Texas Intermediate (WTI) futures edged down 4 cents to $63.53. Both benchmarks, however, remained on track to post a second consecutive weekly gain.
According to Qatar News Agency, the Federal Reserve on Wednesday cut its policy rate by 25 basis points and signaled further reductions ahead in response to signs of weakness in the labor market. Lower borrowing costs typically support economic activity and boost oil demand.
However, a sharp rise in US distillate inventories -- up by 4 million barrels compared to market expectations of a 1 million barrel increase -- raised concerns over sluggish consumption in the world's largest oil consumer, weighing on prices.