Crude falls as Federal Reserve ends its asset-purchase program

NEW YORK : West Texas Intermediate oil fell after the Federal Reserve ended its asset-purchase program and US crude production surged to the highest level since the 1980s. Brent declined in London.

Futures slipped as much as 1.6% in New York. The dollar strengthened a second day against the euro after the Fed’s announcement, curbing the appeal of commodities priced in the US currency as a store of value.

US crude supplies rose for a fourth week as output increased to 8.97 million barrels a day, Energy Information Administration data showed on October 29. "Yesterday’s Fed announcement is pushing the dollar higher, which is putting selling pressure on commodities," Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut, said by phone.