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.


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