Oil rises for fifth straight day as market awaits Fed, stockpiles fall

# 11:55
31 July 2019

Oil prices rose for a fifth day on Wednesday, buoyed by a bigger-than-expected drop in U.S. inventories and as investors awaited a widely expected cut in interest rates by the U.S. Federal Reserve, the first in more than 10 years, APA reports citing Reuters.

Brent crude LCOc1 was up 57 cents, or 0.9%, at $65.29 a barrel by 0716 GMT.

U.S. West Texas Intermediate crude CLc1 gained 41 cents, or 0.7%, to $58.46 a barrel.

Central bankers in the United States began their two-day meeting on Tuesday and were expected to lower borrowing costs for the first time since the depths of the financial crisis more than a decade ago.