Oil trades near two-month high on summer demand outlook, possible rate cut

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The Star 2d ago

Oil trades near two-month high on summer demand outlook, possible rate cut - The Star

Quick Summary:

NEW DELHI: Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S.interest rate cuts that could boost economic growth.

The American Automobile Association has forecast that travel during the holiday period will be 5.2% higher than in 2023, with car travel alone 4.8% higher than a year earlier.

"This could help gasoline demand recover after a subdued first half of 2024," ANZ analysts wrote in a note.