Global oil prices surged following the decrease in the Federal Reserve’s refinancing rate in the United States.
On Monday, global oil prices continued to rise, with experts maintaining a positive outlook on the Federal Reserve’s decision to lower the refinancing rate. As of 7:18 am, the price of November Brent futures rose by 0.84% to $74.31 per barrel, while November WTI futures climbed by 0.9% to $71.65 per barrel, according to RIA Novosti.
“Sentiment is being supported by the sharp cut in the Fed’s rate,” Bloomberg quoted Vanda Hari, the founder of Vanda Insights in Singapore.
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As a reminder, following its September meeting, the Federal Reserve lowered its benchmark rate by 0.5 percentage points for the first time since 2020, to 4.75-5% per annum.
As oil price noted, the Federal Reserve’s rate cut is a blow to the US dollar.
