Oil prices up on expectations of Fed rate cut

Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, boosting demand expectations in the world’s biggest oil user.

Brent crude rose 35 cents to $64.06 a barrel by 1349 GMT. It is set for a monthly fall of around 3.7%, however, due to lingering worries about oil demand.

U.S. crude was up 25 cents at $57.12 a barrel, but set for a monthly decrease of around 1.8%.

 

 

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Source: CNBC

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