Oil prices rise 2% at settlement amid hopes of US interest rate cut

Oil prices stopped a 4-day decline and turned to rise at settlement on Thursday evening on expectations of a US interest rate cut next month. Brent crude futures rose $1.55, or 2.04%, to $77.6 a barrel, while US West Texas Intermediate crude futures rose $1.52, or 2.11%, to $73.45 a barrel at 17:20 GMT. Oil prices were supported by a US government report on Wednesday showing that crude, gasoline and distillate inventories fell more than expected last week, indicating a recovery in demand. In the Middle East, Houthi militants continued their attacks on international shipping in solidarity with the Palestinians in the war between Israel and Hamas. The European Union's Red Sea naval mission Aspides said on Thursday that a Greek-flagged oil tanker now posed an environmental risk after being attacked in the Red Sea with 150,000 tonnes of crude on board. Markets are also looking ahead to whether the Organization of the Petroleum Exporting Countries (OPEC) and a broader group of allies such as Russia, known as OPEC+, will end some voluntary production cuts in October, adding to supply. Concerns about how OPEC+ output will develop in the fourth quarter if the cuts are reversed have contributed to the slide in prices. Source: National Iraqi News Agency