Oil prices up on hopes of US rate cuts boosting fuel demand

Quick Summary:

OIL prices rose on Thursday, supported by optimism that potential U.S.interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains.

Brent crude futures rose 19 cents, or 0.24%, to $79.95 a barrel by 0625 GMT, recovering some of the previous day's losses.U.S.

This uncertainty has led to increased options trading activity with market participants wanting to protect themselves from significant upside," ING analysts said in a client note.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsrael

Topics: Crude oil Energy /Business/Business News WTI Middle East Brent

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-15 @ 14:55:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 506 words

Reading Time: 3 minutes read

Sentences: 19 lines

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News ID: 22084422

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