Oil prices edged higher on Monday after the Federal Reserve hinted at potential interest rate cuts, with Brent reaching its highest level in almost three weeks and West Texas Intermediate surpassing $64 a barrel. The Fed’s decision to possibly lower rates in September provided support to various asset classes, including oil, as it could boost the US economy and fuel oil demand. However, concerns about economic growth impacting long-term oil demand persist. Additionally, factors such as US threats to increase tariffs on Indian imports and OPEC+’s decision to resume production have contributed to market uncertainty. Trading volumes in Brent futures were lower than average on Monday.

Read more at Yahoo Finance.: Oil Edges Higher After Fed Signals Possible Interest Rate Cut