Reported 1 day ago
Oil prices rose as Federal Reserve Chair Jerome Powell hinted at possible interest rate cuts in September, countering bearish supply forecasts. West Texas Intermediate surpassed $63 per barrel and Brent approached $68. Investors anticipate that lower borrowing costs will boost economic activity and fuel demand, although concerns about a looming supply glut persist as summer demand wanes. Meanwhile, geopolitical tensions continue, particularly regarding India's purchase of Russian oil amidst potential U.S. tariff increases.
Source: YAHOO