Oil prices declined on Friday, pressured by a stronger dollar, weak economic data from China, and expectations of rising global supply.
Brent crude was trading at $63.96 per barrel at 9.30 a.m. local time (0630 GMT), down 0.07% from the previous close of $64.01.
US benchmark West Texas Intermediate (WTI) also decreased by 0.11% to $60.06, compared to $60.13 in the prior session.
The US Federal Reserve (Fed) on Wednesday cut its policy rate by 25 basis points, as expected, to a range of 3.75%-4%. However, Fed Chair Jerome Powell raised doubts about another cut in December, saying it is not a "foregone conclusion."
The US dollar strengthened after Powell emphasized caution and noted that further rate reductions were not certain, adding pressure on oil prices.
The strong dollar is expected to lower demand by making oil more expensive for those who use foreign currencies.
In China, reports showing a contraction in manufacturing activity in October also added to the downward pressure.
Meanwhile, US commercial crude oil inventories fell by about 6.9 million barrels last week to 416 million, a much larger draw than the expected 900,000 barrels.
Strategic petroleum reserves, excluded from commercial inventories, grew by 500,000 barrels to 409.1 million. Gasoline inventories declined, falling 5.9 million barrels to 210.7 million.
Markets are focused on the Nov. 2 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+. The group is expected to announce an additional production increase of 137,000 barrels per day for December.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr