NEW YORK / LONDON (IT BOLTWISE) – Oil prices hit a two-week high as expectations of a Federal Reserve interest rate cut rise. This could boost economic growth and energy demand. At the same time, geopolitical uncertainties are raising concerns about oil supplies from Russia and Venezuela.
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Oil prices recently hit a two-week high amid growing expectations that the Federal Reserve will cut interest rates next week. Such a measure could stimulate economic growth and increase energy demand. At the same time, there are geopolitical uncertainties that could affect oil supplies from Russia and Venezuela.
Brent futures rose 49 cents to $63.75 a barrel, while U.S. West Texas Intermediate (WTI) rose 41 cents to $60.08. These prices mark the highest closes for both crude oil benchmarks since November 18th. For the week, Brent rose about 1% and WTI rose about 3%, marking the second straight weekly gain for both contracts.
Investors digested a US inflation report and adjusted their expectations for the Fed to cut interest rates at its meeting on December 9th and 10th. U.S. consumer spending rose moderately in September, pointing to a loss of economic momentum at the end of the third quarter as a weak labor market and rising cost of living dampen demand.
In addition to economic factors, investors are focusing on news from Russia and Venezuela to determine whether oil supplies from these sanctioned OPEC+ members will increase or decrease in the future. The failure of US talks in Moscow to achieve a significant breakthrough in the Ukraine war has supported oil prices so far this week.
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