Crude oil futures extended their slump and once again hit their seven-month lows on Thursday, as high global inventories fed fears that rising crude production in Nigeria, Libya and the United States will feed the global supply glut despite output cuts from OPEC and other producing countries. In a surprisingly hawkish move that strengthened the U.S. dollar and dented commodity prices, the Fed maintained its interest rate outlook for the next two years despite downbeat economic data. 

Meanwhile, OPEC is worried that global supplies will continued to outstrip demand. It said that as per its estimates US crude oil production will rise by 800,000 bpd in 2017. Benchmark crude oil futures for July delivery ended lower by $0.27 or 0.6 percent to $44.46 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended lower by $ 0.08 to $46.92 on the ICE.

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