Oil prices rose on Monday amid expectations of a US interest rate cut this week. Brent crude futures for November delivery were up 15 cents, or 0.2%, at $71.76 a barrel. U.S. for October Crude rose 23 cents, or 0.3%, to $68.88 a barrel.
Concerns about supply disruptions and US rig count showed a weekly rise as Gulf of Mexico crude production resumed following Hurricane Francine. Lower interest rates lower the cost of borrowing, which can boost economic activity and boost oil demand.
Industrial production growth in China, the world’s top oil importer, fell to a five-month low in August. Oil refinery output also fell for a fifth straight month as disappointing oil refinery output and weak export margins curbed production.
