NEW YORK: Oil prices eased on Thursday, retreating from the previous session’s seven-week high, as new US economic data tempered optimism around further interest rate cuts.
Brent futures were down 25 cents, or 0.36pc, at $69.06 a barrel by 12:24pm EDT (1624 GMT). US West Texas Intermediate futures lost 33 cents, or 0.51pc, to $64.66.
Both benchmarks gained 2.5pc on Wednesday to reach their highest since August 1, driven by a surprise drop in US weekly crude inventories and concerns that Ukraine’s attacks on Russia’s energy infrastructure could disrupt supplies.
US gross domestic product increased at an upwardly revised 3.8pc annualised rate last quarter, the Commerce Department’s Bureau of Economic Analysis said in its latest estimate on Thursday.
“The initial reaction on that was a sell-off,” said Phil Flynn, a senior analyst at Price Futures Group.
Published in Dawn, September 26th, 2025
