Oil Prices Rebound Amid Fed Rate Cut Hopes and OPEC+ Moves
TL;DR Summary
Oil prices rose slightly on expectations of a Federal Reserve interest rate cut in September, but gains were limited by higher U.S. crude inventories and an OPEC+ decision to increase supply. Brent crude futures increased by 0.40% to $78.72 a barrel, while U.S. West Texas Intermediate crude futures climbed 0.55% to $74.48. Despite the rise, oil benchmarks are still on track for weekly declines due to bearish supply news and weaker demand expectations.
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- Oil Under Pressure As EIA Confirms Rising Crude, Fuel Inventories OilPrice.com
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