Oil sets to rise to its highs
Publish Date : 2019/07/31 - 11:58

Oil looks set to rise to two-week highs of $ 58.58 and awaits Energy Information Administration (EIA) data on the level of crude oil stocks and the Federal Reserve's statement of interest rate cuts.

Oil is optimistic about a decline in the Federal rate as falling interest rates lead to increased demand and the likelihood of the global economy growing.

Reports released by the Global Times also indicate good and productive negotiations between the US and China. This could be a factor in reducing global concerns and favoring oil.

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