Media reports indicated no movement toward an Israel-Hamas ceasefire. Due to this, Crude price increased during the Asian trade on Monday.
Hopes of lower US interest rates also helped oil markets as the Federal Reserve Chairman confirmed forecasts for a September cut. The Federal Reserve Chairman’s comments on Friday led crude prices to rise again.
Brent crude futures for October were up 0.8% at $79.59 a barrel, while West Texas Intermediate crude futures for October were up 0.6% at $75.45 a barrel.
