“Oil rises in price on fears of an escalation in the Middle East and a rate cut by the US Fed.”, — write: www.epravda.com.ua
Oil rises in price on fears of an escalation in the Middle East and a rate cut by the US Fed.
About this informs Reuters.
Brent crude futures for November rose 60 cents, or 0.8%, to $75.09 a barrel. WTI crude futures for November were up 64 cents, or 0.9%, at $71.64 a barrel.
Both contracts rose in the previous session, supported by lower interest rates in the United States and tighter supply in the United States after Hurricane Francine. Last week, oil prices rose for the second week in a row.
Softer economic forecasts from the largest consumers – China and the USA – limited further growth.
The US Federal Reserve cut interest rates by half a percentage point last Wednesday, a bigger cut in borrowing costs than many expected.
Lower interest rates typically boost economic activity and energy demand, but analysts and market participants are concerned that the central bank could see a slowdown in labor market growth.
We will remind:
Oil prices fell down in after two sessions of gains as weak economic data weighed on demand.