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Oil trades near two-month high on summer demand outlook, possible rate cut

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Business خبریں

Crude Oil

Brent crude futures rose 20 cents to $86.80 per barrel while US WTI crude rose 15 cents to $83.53

BEIJING – Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible US interest rate cuts that could boost economic growth.

The oil price movement "appears to be more fear and sentiment driven than fundamentals," said Vandana Hari, founder of oil market analysis provider Vanda Insights, pointing to the outlook for summer fuel demand, the higher chance of conflict between Israel and Iran and Hurricane Beryl as supportive factors.

On the supply side, markets were planning for possible disruptions from Hurricane Beryl on US oil refining and offshore production. However, forecasts currently show the storm likely moving into Mexico's Bay of Campeche and causing problems for oil production there.

Crude Oil

 

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