Oil drops below $65 on Fed outlook, ample supply

LONDON: Oil dropped below $65 a barrel on Thursday, declining for the first time in six days, after the US Federal Reserve dampened hopes for a string of interest rate cuts and as rising US output helped keep the market well supplied.

The Federal Reserve reduced rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against global economic weakness.