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Oil Pump in Texas – Reuters Photo Archive.
NEW YORK (Reuters) – Oil prices rose on Monday as US interest rate expectations overshadowed the pessimism sparked by US-China trade talks and the fear of the US. a slowdown in global economic growth.
Brent rose 25 cents to $ 63.71 a barrel, while West Texas Intermediate crude rose 67 cents to $ 56.87 a barrel.
"Prices seem to be in place before this week's events," said John Keldof of Agin Capital Management.
Traders and investors are turning to the Federal Reserve this week, which is expected to cut borrowing costs for the first time since the peak of the financial crisis more than a decade ago.
But US President Donald Trump said that a slight reduction in interest rates "would not be enough".
Economic growth in the United States slowed less than expected in the second quarter, bolstering expectations for oil consumption. Elsewhere, disappointing economic data has led to fears of slower growth.
US and Chinese negotiators are meeting this week for their first direct talks since the G20 truce last month, but expectations are low after Trump said China may not want to sign a trade deal ahead of the US elections. 2020.
"The launch of new trade negotiations between the United States and China should help to slightly support prices," said Jim Ritterbusch of Retrepouch & Co.
Prepared by Alaa Rushdi for publication in Arabic – edited by Ahmed Elhamy
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