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Oil Prices Enjoy Fed Rate Cut Rally Ahead of Inventories


Tuesday, 30 July 2019 19:03 WIB

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Oil prices extended a rally on Tuesday - with Brent up for a fourth straight session and U.S. crude rising for four of the last five days - as expectations that the Federal Reserve will cut rates for the first time in a decade fueled buying interest.

New York-traded West Texas Intermediate crude futures gained 42 cents, or 0.7%, to $87.29 a barrel by 7:43 AM ET (11:43 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., rose 50 cents, or 0.8%, to $64.12.

Central bank policy easing is expected to provide economic support to put the brakes on a global slowdown, fueling demand for oil.

Source : Investing.com


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