2024-09-16 11:06:30
Oil prices rose in Asian trade today in anticipation of a rate cut by the US Federal Reserve at its meeting this week, Reuters reported, BTA reported.
However, growth was minimal due to renewed oil production in the Gulf of Mexico following the passing of Hurricane Francine and under pressure from weak data from China.
North Sea Brent futures, a benchmark for the European market, for November delivery added 15 cents, or 0.2 percent, to $71.76 a barrel.
U.S. light crude (WTI) for October delivery was up 23 cents, or 0.3 percent, at $68.88 a barrel.
Both grades ended the previous session lower on expected supply issues from the Gulf of Mexico region.
The main factor in the oil markets this week is the Federal Reserve meeting tomorrow and on Wednesday, where a decision is expected to be taken to cut interest rates. According to “CMI Fedwatch”, many investors are increasingly betting on a decline of 50 basis points, and not only 25, as it was until recently.
However, data from China weighed on markets, with the country’s industrial production growth in August the weakest in five months, and retail sales and new home prices continuing to fall. For the fifth month in a row, the production of refineries also fell.