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 about 2% to a two-week high on Tuesday 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 forecast to have dropped for a seventh straight week.

On its second-to-last day as the front-month contract, Brent LCOc1 futures for September delivery gained $1.01, or 1.6%, to settle at $64.72 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained $1.18, or 2.1%, to settle at $58.05.

That put both contracts up for a fourth day in a row to their highest closes since July 15.