Oil rises to a two-week high


 

Oil rises to a two-week high

31/07/2019 12:20 AM

Al Ahd News – Follow-up

Oil prices rose nearly 2 percent to a two-week high on optimism that the US Federal Reserve will cut interest rates this week for the first time in more than a decade, boosting demand expectations in the world’s top oil consumer.

US crude inventories are also expected to fall for the seventh straight week.

Brent crude for September delivery rose 1.01 dollars, or 1.6 percent, to settle at $ 64.72 a barrel, while West Texas Intermediate crude rose $ 1.18 or 2.1 percent to close at $ 58.05.

But at the month level, the crude is still expected to fall due to continued concerns about oil demand, with Brent falling more than 2% and US crude less than 1%.

“Crude oil rose today, partly because of another significant drop in stocks this week as well as the ongoing tensions in the Strait of Hormuz,” said Brian Kissins, portfolio manager at Turtweiss Energy Management. “The prospect of interest rate cuts and US-China trade talks supports the outlook for the economy. ” is over/ 6

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