FILE PHOTO: A general view of a French oil Esso refinery by night in Fos-sur-Mer, France, May 13, 2024. REUTERS/Manon Cruz/File PhotoBEIJING : Oil rose in early Asian trading on Thursday on rising expectations the Federal Reserve will cut interest rates in September, and as the market rebounded from a selloff related to growing U.S. inventories and an OPEC+ plan to increase supply.
Lower interest rates decrease the cost of borrowing, which can incentivise economic activity and boost oil demand. But prices later rebounded to end the session up 1 per cent on the view the selloff had been too sharp and on the growing interest rate optimism.
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