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NEW YORK--Oil prices stumbled Friday after the U.S. Federal Reserve's decision to keep interest rates unchanged left the market concerned about global economic growth.
Oil prices plunged last year because of an oversupply of crude oil. Though the rout in prices has increased demand for petroleum products, analysts say that demand is still insufficient to mop up the global glut of crude, and cutbacks in production will be needed.
The Fed decision Thursday weakened the U.S. currency, which makes dollar-traded oil cheaper to foreign buyers. Even so, the macroeconomic concerns behind the decision weighed on oil prices.
"The Fed's hesitancy may yet reinforce investors' worries about the health of the global economy," said Julian Jessop, head of commodities research at Capital Economics, in a note. "The responses of oil and industrial metals to Fed inaction have been lukewarm."
Light, sweet crude for October delivery recently fell $1.83, or 3.9%, to $45.07 a barrel on the New York Mercantile Exchange Brent, the global benchmark, fell $1.08, or 2.2%, to $48 a barrel on ICE Futures Europe.
The Fed decision helps oil exploration and production companies, which are weighed down by debt amid the historic plunge in oil prices, Investec analyst Brian Gallagher said.
"The Fed has done them a favor," Mr. Gallagher said. "A lot of these companies are highly leveraged, and they are walking a tightrope at the moment."
While the global market remains oversupplied and worries over demand still cloud the outlook, a decline in U.S. oil production since the spring is seen as one sign the market might come into balance next year. Later Friday, oil-field services firm Baker Hughes Inc. will publish the latest U.S. oil drilling rig count, which many on the market see as proxy for activity in the industry.
There are now about 59% fewer rigs working since a peak of 1,609 in October 2014.
Gasoline futures recently fell 1.7% to $1.3530 a gallon. Diesel futures fell 1.5% to $1.5062 a gallon.