Oil prices rose in early trading today, Monday, with investors anticipating the reduction in interest rates expected to begin next September.
Brent crude prices rose 48 cents, equivalent to 0.57 %, to $83.10 per barrel, while US West Texas Intermediate crude futures rose 42 cents, equivalent to 0.52 %, to $80.55.
The US Federal Reserve is scheduled to hold a Federal Open Market Committee meeting on interest rates on July 30-31, and investors expect the central bank to keep interest rates unchanged, while looking forward to any sign of lowering them later in the year.
Source: National Iraqi News Agency