Oil prices rose on Monday, approaching their highest levels in two weeks, as investors anticipate a cut in U.S. interest rates this week, which is expected to boost economic growth and energy demand.
Brent crude futures climbed four cents, or 0.06%, to reach $63.79 a barrel, while West Texas Intermediate increased by seven cents, or 0.12%, to $60.15 a barrel.
Data from the London Stock Exchange Group revealed that markets are pricing in an 84% chance of a 25 basis point interest rate cut by the Federal Reserve during its meeting on Tuesday and Wednesday.
Bank officials indicated that this meeting is likely to be one of the most divided in recent years, increasing investor focus on the bank’s policy direction and the influencing domestic factors.
