Oil prices rebounded as US rate cut expectations rise
Traders are looking for clues on whether the Federal Reserve might cut rates by 25 or 50 basis points, a move that could further influence oil prices.
Oil prices climbed more than 1% on Thursday, reversing a four-day losing streak as traders anticipated an imminent US interest rate cut.
Brent crude futures closed up $1.17, or 1.54%, at $77.22/barrel.
WTI rose $1.08, or 1.5%, to settle at $73.01/barrel.
Market participants are now keenly awaiting Fed Chair Jerome Powell’s speech at the annual central banking conference in Jackson Hole, Wyoming, on Friday. Traders are looking for clues on whether the Federal Reserve might cut rates by 25 or 50 basis points, a move that could further influence oil prices.
Written by: Rochelle Nguyen