SMM News: oil prices rose the most in nearly three weeks on Monday on speculation that a potential interest rate cut by the Federal Reserve would boost oil demand.
Crude oil futures rose 1.2% in New York, continuing the 1% rise last week.
Later this week, the Fed is expected to cut interest rates for the first time in more than a decade.
In addition, government data to be released on Wednesday are expected to show that U. S. crude stocks fell for the seventh straight week.
Phil Streible, senior market strategist at RJO futures, said the market is holding its breath until Wednesday, when oil prices could fluctuate sharply if the Fed cuts interest rates and crude stocks shrink.
West Texas Intermediate for September delivery rose 67 cents to $56.87 a barrel on the New York Mercantile Exchange, the biggest gain since July 10 and the third straight day of gains.
September Brent crude rose 25 cents to $63.71 a barrel on the ICE European Futures Exchange, a premium of $6.84 to WTI crude the same month.
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