Oil rises for fifth straight day as market awaits Fed, stockpiles fall - Reuters:
Oil prices rose for a fifth day on Wednesday, buoyed by a bigger-than-expected drop in U.S. inventories and as investors awaited a widely expected cut in interest rates by the U.S. Federal Reserve, the first in more than 10 years.
Brent crude LCOc1 was up 57 cents, or 0.9%, at $65.29 a barrel by 0716 GMT.
U.S. West Texas Intermediate crude CLc1 gained 41 cents, or 0.7%, to $58.46 a barrel.
“The market is quite optimistic leading into what the Fed is going to do on interest rates and as a result of that we’ll see more demand,” Jonathan Barratt, chief investment officer at Probis Group in Sydney, said by telephone, referring to the widely expected cut.
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