Crude oil futures settled lower on Wednesday despite Ukrainian drone strikes on Russian ports and refineries disrupting Russian oil supply and posing supply side concerns. Meanwhile, the US Federal Reserve has cut the federal funds rate by 25 basis points, bringing it to a range of 4.00% to 4.25% range, in line with street expectations.
Benchmark crude oil futures for October declined 0.47 or 0.73% at $64.05 a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased $0.52 or 0.76% to settle at $67.95 a barrel on London's Intercontinental Exchange.
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