Oil Edges up Following US Rate Cut Move

Oil prices gained slightly during early trade today, boosted by expectations as the US interest rate cut last week will support demand. Brent crude futures for November were up 20 cents, or 0.3% at $74.69 a barrel. US crude futures for November were up 22 cents, or 0.3%, at $71.22. Both contracts rose in the previous session on support from the US interest rate cut and a dip in US supply. Last Wednesday, the US Federal Reserve cut interest rates by half a percentage point. Interest rate cuts typically boost economic activity and energy demand. Source: Oman News Agency