Reported 22 days ago
Oil prices increased on Tuesday, fueled by rising supply disruptions and the expectation that the U.S. Federal Reserve will cut interest rates. U.S. crude futures rose by $1.10 to settle at $71.41, while Brent crude increased by 95 cents to $73.70 per barrel. Over 12% of crude production from the U.S. Gulf of Mexico was offline due to Hurricane Francine, contributing to price increases. Analysts also noted persistent tensions in the Middle East and a decline in Libyan oil output as factors supporting prices, with investors looking for a potential boost in demand from a Fed rate cut.
Source: YAHOO