2019-07-30 12:25:00
OIL PRICE: NEAR $64 ANEW
REUTERS - Oil prices rose for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel demand growth in the world's biggest oil user.
Brent crude LCOc1 rose 46 cents, or 0.7%, to $64.17 a barrel by 0651 GMT, after gaining 0.4% the previous session.
U.S. crude CLc1 was up 41 cents or 0.7%, at $57.28 a barrel, having risen 1.2% on Monday.
Lower U.S. interest rates would "support a continuation in global expansionary activities and fuel demand growth" for the second half of 2019, Benjamin Lu, an analyst at Phillip Futures in Singapore, said in a note.
"If the Fed is a little more dovish and prices in a 75 basis points cut ... we might see oil pushing up towards $60," Lu said by phone, referring to U.S. crude.
Still, "demand side concerns are the shadow over oil prices," he added.
U.S. central bankers will begin their two-day meeting later on Tuesday and are expected to lower borrowing costs for the first time since the depths of the financial crisis more than a decade ago.
U.S. President Donald Trump said a small rate cut "is not enough."
Economic growth in the United States slowed less than expected in the second quarter, strengthening the outlook for oil consumption but, elsewhere, disappointing economic data has increased concerns about slower growth.
U.S. and Chinese negotiators also meet this week for their first in-person talks since agreeing to a truce to their trade dispute at the Group of 20 meeting last month.
However, expectations for progress during the two-day Shanghai meeting are low, so officials and businesses are hoping Washington and Beijing can at least detail commitments for "goodwill" gestures and clear the path for future negotiations.
Supply risks are still a concern as tensions remained high around the Strait of Hormuz, through which about a fifth of the world's oil passes.
Tensions spiked between Iran and the West after Iranian commandos seized a British-flagged oil tanker in the Gulf this month in apparent retaliation for the capture of an Iranian tanker by British forces near Gibraltar.
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Earlier:
2019, July, 25, 20:35:00
OIL PRICE: ABOVE $63 ANEW
Brent crude futures LCOc1 were up 74 cents, or 1.2%, at $63.92 a barrel by 10:59 a.m. (1459 GMT), after hitting a session high of $64.23. U.S. West Texas Intermediate crude CLc1 was up 67 cents, or 1.2%, at $56.55 a barrel, after hitting a session high of $56.99.
2019, July, 20, 13:35:00
OIL PRICE: ABOVE $62
Brent crude LCOc1 futures settled 54 cents higher at $62.47 a barrel. West Texas Intermediate crude CLc1 futures rose 33 cents to end the session at $55.63 a barrel.
2019, July, 12, 08:30:00
OIL PRICE: NEAR $67
Brent for September settlement rose 38 cents, or 0.6%, to $66.90 a barrel on the ICE Futures Europe Exchange. Prices are up 4.2% this week. The global benchmark crude traded at a $6.32 premium to WTI for the same month.
2019, July, 10, 12:55:00
OIL PRICE: NEAR $65 AGAIN
WTI had climbed 93 cents, or 1.6%, to $58.76, having earlier risen to $58.84. Brent was up 70 cents, or 1.1%, at $64.86, after earlier touching $64.95.
2019, July, 9, 17:20:00
OIL PRICE: NEAR $64
Brent crude rose 15 cents to $64.26 a barrel , U.S. West Texas Intermediate crude was up 9 cents to $57.75.
2019, July, 8, 13:05:00
OIL PRICE: ABOVE $64
Brent crude futures were up 34 cents by 0908 GMT at $64.57. U.S. West Texas Intermediate (WTI) was up 18 cents at $57.69 a barrel.
2019, July, 5, 11:45:00
OIL PRICE: NEAR $63
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $0.79 at $56.55 per barrel by 0754 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States. Front-month Brent crude futures LCOc1 were down $0.23 at $63.07 per barrel. Both benchmarks were set for their biggest weekly falls in five weeks.
