Oil Extends Gains As Optimism over a Rate Cut Overshadowed Demand Concerns

  • International
  • 6 June 2024

Oil prices extended gains in early trading on Thursday after hopes that the Federal Reserve will cut interest rates in September overshadowed demand concerns after data showed an increase in US inventories of crude and fuel.

Brent crude futures gained 27 cents, or 0.34 percent, to $78.41 a barrel. U.S. West Texas Intermediate crude futures rose 37 cents, or 0.50 percent, to $74.44 a barrel, while oil prices rose about 1 percent on Wednesday, returning from a four-month low.

Source (Al-Arabiya.net Website, Edited)

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