Oil rises as the market anticipates an expected cut in US interest rates

UNITED STATES, WASHINGTON (VOP TODAY NEWS) — Oil prices rose for a fourth session on Tuesday, buoyed by optimism that the Federal Reserve will cut interest rates for the first time in more than a decade, boosting fuel demand growth in the world’s top oil consumer.

Brent crude rose 46 cents, or 0.7 percent, to $ 64.17 a barrel by 0651 GMT after rising 0.4 percent in the previous session.

US crude was up 41 cents, or 0.7 percent, at $ 57.28 a barrel, after rising 1.2 percent on Monday.

US central bank officials are due to start meeting later on Tuesday, which is expected to cut borrowing costs for the first time since the financial crisis hit its peak more than a decade ago.

US President Donald Trump said a small cut in interest rates “would not be enough.”

Economic growth in the United States slowed less-than-expected in the second quarter, boosting oil consumption expectations, but disappointing economic data raised fears of slowing growth.

Online:

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

Contact us: voiceofpeopletoday@gmail.com

VOP Today News — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Stay connected with VOP Today News on Twitter – VOP Today News on Facebook, also with our online services http://j.mp/2hDUK4x and never lost the breaking news stories happening around the world.

Support The VOP from as little as $1 – it only takes a minute. Thank you.

We are the Voice of People — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes VOP possible came from you.