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

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Oil prices rose yesterday, supported by optimism that potential US 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. West Texas Intermediate crude futures increased by 23 cents, or 0.3%, to $77.21 per barrel, Reuters reported.

Oil inventory gains raised concerns of weaker demand, analysts at ANZ said in a client note. US crude oil stockpiles rose by 1.4 million barrels in the week ended Aug. 9, compared with estimates for a 2.2 million barrel draw, building for the first time since late June.