Oil Prices Inch Up on Fed Rate Cut Outlook

Oil prices edged up in early trade today amid expectations of a US interest rate cut this week, though gains were capped by US supply resumptions following Hurricane Francine and weaker China data. Brent crude futures for November were up 15 cents, or 0.2% at $71.76 a barrel. US crude futures for October were up 23 cents, or 0.3%, at $68.88 a barrel. Both contracts had settled lower in the previous session, with concerns about supply disruptions easing as Gulf of Mexico crude production resumed. Still, nearly a fifth of crude oil production and 28% of natural gas output in the Gulf of Mexico remain offline in the hurricane's aftermath. Source: Oman News Agency