Oil Prices Climb on Expectations of Imminent U.S. Interest Rate CutSingapore, 25 Aug (ONA) — Oil prices advanced modestly today, supported by growing optimism for a U.S. interest rate cut that could stimulate economic growth and bolster global fuel demand.Brent crude futures edged up by 6 cents to settle at $67.79 a barrel, while West Texas Intermediate (WTI) crude futures gained 9 cents to reach $63.75.The market’s positive shift was primarily driven by comments from Federal Reserve Chair Jerome Powell on Friday, which significantly strengthened the case for a rate cut at the Fed’s upcoming meeting. This prospect has enhanced investors’ risk appetite, weakening the U.S. dollar and making dollar-priced commodities like oil more attractive to holders of other currencies. The anticipation of lower borrowing costs, which typically spur economic activity, provided a firm foundation for the uptick in crude prices.— Ends/Khalid
