Oil prices boosted by expectations of Fed rate cut - Reuters

Oil prices boosted by expectations of Fed rate cut - 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 consumption in the world’s biggest oil user.

Brent crude LCOc1 rose 63 cents to $64.34 a barrel by 1127 GMT. It is set for a monthly fall of more than 3%, however, due to lingering worries about oil demand.

U.S. crude CLc1 was up 46 cents at $57.33 a barrel, but also set for a monthly decrease of around 1.8%.

“Regarding the Fed, the market has priced in a 25 basis point cut for Wednesday,” global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum.