Oil rises in anticipation of interest rate cuts and lower inventories in the United States

NEW YORK (Reuters) – Oil prices rose nearly 2 percent on Tuesday, peaking at two weeks on Tuesday, optimistic about cuts to interest rates by the US Federal Reserve this week for the first time. for more than ten years, thus reinforcing the demand expectations of the world's largest oil consumer. In the world.

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

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

The crude has reached its highest closing level since July 15 for a fourth consecutive session.

But at the month level, crude is expected to decline further due to lingering concerns over oil demand, Brent dropping more than 2% and US crude less than 1%.

"Crude oil has risen today, in part because of another significant drop in stocks this week as well as persistent tensions in the Strait of Ormuz," said Brian Kissins, manager of portfolio at Turtweiss Energy Management. . "

(Reuters)