Oil rises and the market expects US interest rate cuts

Union

American oil worker (Reuters)

LONDON (Reuters)

Oil prices rose for a fourth session yesterday, encouraged by optimism that the Federal Reserve will cut interest rates this week for the first time in more than a decade, boosting growth in the economy. fuel demand at the world's largest oil consumer.
Brent rose 46 cents, or 0.7 percent, to $ 64.17 a barrel at 06:51 GMT, following a 0.4 percent rise in the previous session.
US crude rose 41 cents, or 0.7 percent, to $ 57.28 a barrel after rising 1.2 percent on Sunday.
US central bank officials began their two-day meeting yesterday and are expected to cut borrowing costs by 25 basis points for the first time since the start of the financial crisis more than a decade ago. US President Donald Trump said that a slight reduction in interest rates "would not be enough".
The price of gold fell as the dollar reached its highest level in two months. Around 0550 GMT, the spot gold price was down 0.3% to 1422.85 dollars an ounce.
Gold futures in the US rose 0.3% to $ 1,423.90 an ounce.
At the same time, the dollar index has reached its highest level in two months, while the Federal Reserve's expectations for lower interest rates have declined. The appreciation of the dollar increases the cost of gold for holders of other currencies. Among the other precious metals, silver fell 0.3% to $ 16.41 an ounce, platinum fell 0.1% to $ 878.60 an ounce.
Palladium fell 0.3% to 1549.04 dollars an ounce, after peaking at two weeks in the previous session.