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

Home Business Oil trades near two-month high on summer demand outlook, possible rate cut 02-07-2024 10:23 AM Ammon News - 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 U.S. interest rate cuts that could boost economic growth. Brent crude futures rose 28 cents to $86.88 per barrel as of 0634 GMT after gaining 1.9% in the previous session to the highest close since April 30. U.S. West Texas Intermediate (WTI) crude rose 20 cents to $83.58 a barrel, after gaining 2.3% to its highest since April 26. 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. Gasoline demand in the U.S., the world's biggest oil consumer, is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. Reuters

Home Business

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

02-07-2024 10:23 AM

Ammon News - 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 U.S. interest rate cuts that could boost economic growth.

Brent crude futures rose 28 cents to $86.88 per barrel as of 0634 GMT after gaining 1.9% in the previous session to the highest close since April 30.

U.S. West Texas Intermediate (WTI) crude rose 20 cents to $83.58 a barrel, after gaining 2.3% to its highest since April 26.

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.

Gasoline demand in the U.S., the world's biggest oil consumer, is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week.

Reuters

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