Oil prices edged higher in Asian trade on Monday, buoyed by a weaker US dollar as traders anticipate an interest rate cut by the Federal Reserve. However, gains were restrained by persistent worries over slowing global demand, particularly after recent disappointing economic data from China.
Investing.com-- Oil prices rose slightly in Asian trade on Monday, benefiting from a softer dollar as traders positioned for an interest rate cut by the Federal Reserve later this week.
Still, lower rates bode well for economic growth, which in turn could help keep U.S. fuel demand supported in the coming months.The readings ramped up concerns that slowing economic growth in the world’s biggest oil importer will dent its appetite for crude. Concerns over China saw both the Organization of Petroleum Exporting Countries and the International Energy Agency slash their outlook for oil demand growth in the current year.Scan QR code to install app
Oil Prices Demand Federal Reserve China Economy Interest Rates
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