Oil Advances Most in Almost Three Weeks as U.S. Rate Cut Awaited
- Fed cut seen for 1st time in decade; U.S., China set for talks
- WTI crude futures increase 1.2% in third straight advance
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Oil rose the most in almost three weeks on speculation that demand will get a bump from a potential U.S. Federal Reserve rate cut aimed at spreading economic benefits more broadly.
Futures in New York rose 1.2%, extending last week’s 1% advance. Later this week, the Fed is expected to lower borrowing costs for the first time in more than a decade. Meanwhile, Chinese and U.S. negotiators are set to meet in a bid to resolve a trade war between the world’s top economies. On Wednesday, government data is predicted to show that American crude stockpiles declined for a seventh straight week.