Oil Prices Surge on Anticipation of US Rate Cuts

Oil prices have increased as investors anticipate a potential rate-cut cycle in the United States, possibly starting in September. The U.S. Federal Reserve's upcoming meeting on July 30-31 is expected to keep current interest rates unchanged, but investors are closely watching for signals of a cut later this year. Brent crude prices have risen by 0.54% to $83.08 per barrel, and U.S. West Texas Intermediate (WTI) crude futures have increased by 0.5%.

Concerns over China's slower-than-expected economic growth in Q2 have raised questions about the country's demand for oil, contributing to market volatility. In the political sphere, President Joe Biden has ended his reelection campaign and endorsed Vice President Kamala Harris as the Democratic candidate for the November election against Republican Donald Trump. These developments, along with ongoing global economic uncertainties, continue to influence oil prices.