Oil Buoyed by US Signals on Interest Rate Cuts

LONDON—Oil prices edged higher on Thursday, boosted by the U.S. Federal Reserve signalling a possible start to interest rate cuts.

Brent crude futures were up 68 cents at $81.23 a barrel by 1140 GMT. U.S. West Texas Intermediate crude futures gained 65 cents to $76.50.

OPEC+ will soon have to decide whether to extend beyond March the 2.2 million barrels per day (bpd) of voluntary oil production cuts announced last November.

Federal Reserve Chair Jerome Powell on Wednesday said that interest rates had peaked and would move lower in coming months, with inflation continuing to fall and an expectation of sustained economic growth.

Lower interest rates and economic growth help oil demand.

Read Full Article Here
oil platform in sea by Grant Durr is licensed under Unsplash unsplash.com