June 13 Reuters Oil prices fell in early trade on Thursday, as investors digested that the U.S. Federal Reserve had likely pushed back an interest rate cut possibly to December, while ample U.S. crude and fuel stocks also weighed on the market.

Brent crude futures lost 37 cents, or 0.5, to 82.23 a barrel, as of 0655 GMT, and U.S. West Texas Intermediate WTI crude futures fell 34 cents, or 0.4, to 78.16. Both benchmarks had gained about 0.8 in the previous session.

The Fed held rates steady on Wednesday and pushed out the start of policy easing to perhaps as late as December.

Higher borrowing costs tend to dampen economic growth, and can by extension, limit oil demand.

Fed Chair Jerome Powell said in a press conference after the U.S. central bank39;s twoday policy meeting ended that inflation had fallen without a major blow to the economy, adding that there was no reason to think that can39;t go on.

On the supply side, U.S. crude stockpiles rose more than expected last week, driven largely by a jump in imports, while fuel inventories also increased more than anticipated, data from the Energy Information Administration showed on Wednesday.

Also weighing on prices was a bearish report by the International Energy Agency, which warned of excess supply in the near future.

This is in stark contrast to the bullish report from OPEC earlier this week. The oil group maintained its forecasts for strengthening demand, analysts at ANZ Research said.

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