Oil rises on expectations of Fed rate cut, another U.S. crude drawdown - Reuters

Oil rises on expectations of Fed rate cut, another U.S. crude drawdown - Reuters:

Oil prices rose on Tuesday, on track to close at a two-week high, on optimism the U.S. Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world’s biggest oil user.

Meanwhile, ahead of weekly data, crude oil inventories in the United States were also forecast to have dropped for a seventh straight week.

Analysts also noted the market was up on optimism over U.S.-China trade talks, which could boost oil demand around the world.

On its second to last day as the front-month Brent LCOc1 futures for September delivery were up 42 cents, or 0.7%, at $64.13 a barrel at 12:06 p.m. EDT (1606 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 rose 33 cents, or 0.6% to $57.20.