Oil pushes higher as investors focus on trade talks, Fed meeting
Wednesday, 31 July 2019 02:40 WIB | ENERGY |MinyakWTIBrentOil,

U.S. oil futures scored a fourth straight gain on Tuesday, with traders bidding up crude a day ahead of the conclusion of a Federal Reserve policy meeting that's expected to deliver a quarter percentage point interest rate cut.

The resumption of U.S.-China trade talks were also viewed as a positive, despite downbeat comments from President Donald Trump.

Crude œis bid on the start of trade talks, which could serve as a positive demand indicator, and the expected Fed rate cut on Wednesday, which should weaken the dollar, with the reverse correlation supporting oil, said Robert Yawger, director of energy at Mizuho Securities U.S.A., in a note.

West Texas Intermediate crude for September delivery on the New York Mercantile Exchange rose $1.18, or 2.1%, to end at $58.05 a barrel. The U.S. benchmark rose 1.2% on Monday. If Tuesday™s gain holds, it would mark the fourth straight rise for WTI futures.

Meanwhile, October Brent crude the global benchmark, rose $1.01 to $64.63 a barrel on the ICE Europe exchange, a gain of 1.6%.

Source : Marketwatch

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