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Showing posts with the label 2019 I CNBC.

Oil Price Closing Report on Monday 29, 2019 I Oil rises 1.2% on prospect of US interest rate cut

3 minutes Oil prices edged higher on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth. Brent crude rose 0.2% to $63.60 a barrel, while U.S. West Texas Intermediate (WTI) crude futures  settled up 1.2% at $56.87 a barrel. “Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital Management. Traders and investors are watching the Fed this week, with U.S. central bankers 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 Fed 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. Elsewhere, growth is slowing faster, partly because of the U.S.-China tr