Beirut: Oil prices held lower on Thursday as traders assessed the US Federal Reserve’s quarter-point rate cut and mounting concerns over labour market weakness. West Texas Intermediate (WTI) for October delivery traded at US$64.13 a barrel at 7:36 a.m. in Singapore, steady after a 0.7% drop the previous day. Brent for November settlement closed 0.8% lower at US$67.95 on Wednesday.

According to National News Agency – Lebanon, the decline followed a three-session rally fuelled by supply concerns after Ukrainian strikes on Russian refineries. However, expectations of oversupply toward the year-end have tempered bullish momentum. Markets had largely priced in the Fed’s 25 basis-point cut, with traders unwinding positions that had hedged against a steeper reduction.