REUTERS
Global oil futures fell Thursday, resuming their slide after a brief spike following the Federal Reserve's announcement that it would leave U.S. interest rates unchanged, Reuters reported.
Brent crude prices slipped by 0.49% settling at $48.82 a barrel, WTI was down 0.77% to $46.54 a barrel, according to Reuters.
On September 17, the Federal Open Market Committee maintained its key interest rate on federal funds to credit at a record low - 0-0.25% per annum amid concern about modest global growth and low inflation in the country. However, the Federal Reserve left open the possibility of a rate hike before the end of the year.
The Federal Reserve has maintained its fed funds rate at the current level since December 2008. The last hike in the rate took place on June 29, 2006. During 2007-2008, the Federal Reserve had been gradually lowering its rate until it reached its lowest level in December 2008.