05:19 AM EDT, 06/13/2024 (MT Newswires) -- Crude oil prices slipped after the U.S. Federal Reserve on Wednesday decided to wait before cutting interest rates, as Europe and Canada did last week, and signaled a reduction in borrowing costs won't come before September at the earliest.

Brent crude fell 0.2% to US$82.46 per barrel and West Texas Intermediate crude lost 0.2% to US$78.33 at last look early Thursday. Higher borrowing costs tend to dampen economic growth, which in turn can have have negative implications for oil demand.

Inflation has eased without a major blow to the economy and there is no reason to think that cannot go on, Fed Chair Jerome Powell said in a press conference following the Fed's two-day policy meeting.

The International Energy Agency's bearish report that forecast oversupply in the near future also weighed on prices, Reuters reported.