Oil Prices Rise on U.S. Interest Cut Signs

  • International
  • 1 February 2024
1

Global oil prices rose in early Asian trading on Thursday, supported by signals from the Federal Reserve about a possible start to a rate cut and as China unveiled new support measures for the struggling real estate market.

Brent crude futures rose 43 cents, or 0.5 percent, to $80.98 a barrel. U.S. West Texas Intermediate crude futures rose 44 cents, or 0.6 percent, to $76.29 a barrel after falling more than $2 a barrel in the last session.

The immediate cause of the oil rebound is market expectations of a rate cut this year after the US Federal Reserve chairman announced that "the rate hike cycle has peaked."

Source (Al-Arabiya.net Website, Edited)

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