Reported 4 months 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