Oil futures lose ground as a two-month long slide in U.S. crude inventories ended and the Fed paused in its monetary easing cycle, with chair Jerome Powell saying the U.S. central bank doesn't need to hurry to resume cuts.

U.S. crude oil inventories likely rose last week for the first time in more than two months, while gasoline stocks are seen continuing to build, according to a survey by The Wall Street Journal.

Oil fell as traders assess the potential impact of U.S. trade tariffs on global growth and the stockpiles outlook.