price movement
By 0015 GMT, crude futures were up 0.1%. Brent November delivery rose 15 cents, or 0.2 percent, to $71.76 a barrel. U.S. crude futures for October delivery rose 23 cents, or 0.3 percent, to $68.88 a barrel, according to Reuters data.
Both crudes settled lower in the previous session, as concerns about supply disruptions eased with the resumption of production. Oil Crude in the Gulf of Mexico in the wake of Hurricane Frances and with increasing data showing a weekly increase in the number of drilling rigs in the United States.
However, nearly 20 percent of crude oil production and 28 percent of natural gas production in the Gulf of Mexico remain offline in the wake of the hurricane.
A key factor that will dominate the market this week is the size of the interest rate cut that the Federal Reserve will implement after its meeting on September 17-18. Reserve Funds futures show Federal Investors are increasingly betting that the central bank will cut interest rates by 50 basis points instead of 25 basis points, according to CME’s FedWatch market monitoring tool.
Reducing prices would Interest To lower the cost of borrowing, which in turn boosts economic activity and increases demand for oil.
In China, the world’s biggest oil importer, industrial output growth slowed to a five-month low in August, while retail sales and new home prices weakened further. Refinery throughput fell for a fifth straight month, as disappointing fuel demand and weak export margins curbed production.
The dollar remained steady after Republican presidential candidate Donald Trump survived what the FBI said was an apparent second assassination attempt outside his Florida golf course.
In the Middle East, Israeli Prime Minister Benjamin Netanyahu said Israel would exact a “heavy price” from the Houthis in Yemen after they reached central Israel with a missile for the first time on Sunday.
