Reported 6 months ago
Oil prices climbed on expectations of a Federal Reserve interest rate cut in September, with Brent crude futures increasing by 0.40% to $78.72 a barrel and U.S. West Texas Intermediate crude futures rising by 0.55% to $74.48. Nearly two-thirds of economists are predicting a rate cut, offsetting bearish supply news. The oil benchmarks are still facing a weekly decline of around 4% due to decisions from OPEC+ to extend oil output cuts into 2025, with considerations of weaker demand and growing inventories contributing to bearish sentiments.
Source: YAHOO