Oil prices little changed as traders weigh US rate cut with worries over US economy

Oil prices were little changed on Thursday as traders weighed the start of looser monetary policy after the U.S. Federal Reserve cut interest rates against concerns about the U.S. economy.

Brent crude futures rose 23 cents, or 0.3%, to $68.18 a barrel at 10:50 a.m. EDT (1450 GMT), while U.S. West Texas Intermediate (WTI) crude rose 23 cents, or 0.4%, to $64.28.

The Fed cut its policy rate by a quarter of a percentage point on Wednesday and indicated it will steadily lower borrowing costs over the rest of the year, responding to signs of weakness in the jobs market.

Lower borrowing costs typically boost demand for oil and push prices higher.

Kuwait's oil minister Tariq Al-Roumi said he anticipates an increase in oil demand following the recent U.S. interest rate cut, with a particular rise expected from Asian markets.