Oil prices rise as investors look forward to U.S. rate cuts
Updates prices, adds analyst comment in paragraphs 6-9, adds China rate cut in paragraph 11
By Katya Golubkova and Colleen Howe
TOKYO, July 22 (Reuters) -Oil prices rose in Asia on Monday as investors watched for further signs that the U.S. might start to cut interest rates as soon as September.
Brent crude futures LCOc1 had gained 32 cents, or 0.39%, to $82.95 a barrel by 0651 GMT, and U.S. West Texas Intermediate crude futures CLc1 had increased 34 cents, or 0.42%, to $80.47.
"Since the June FOMC meeting, inflation and labour market data have signalled that disinflation and labour market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September," ANZ Research said in a note.
The U.S. Federal Reserve is due to review policy next on July 30-31, when investors expect it to keep rates unchanged. But they will look for further evidence that a cut will happen at the September meeting.
News that President Joe Biden had decided on Sunday to abandon his re-election bid was not a major factor for oil markets. He has endorsed Vice President Kamala Harris as the candidate who should face Republican Donald Trump in November's election.
"We think the ability of the U.S. president to influence U.S. oil production is probably overrated," said Suvro Sarkar, energy sector team lead at DBS Bank, noting that U.S. output reached record highs last year, despite the Biden's administration's moves to address climate change.
"If anything, a Trump presidency could influence higher demand for oil in the U.S., given his anti-EV stance," said Sarkar.
That could offset some of the support markets have gained from recent OPEC+ production cuts, said Tony Sycamore, market analyst with IG.
"The flipside to unrestricted oil production in the U.S. could well be lower oil prices which may have the unintended impact of forcing marginal producers at lower prices to mothball production," Sycamore said.
Slower-than-expected economic growth of 4.7% for China in the second quarter sparked concerns last week over the country's demand for oil and continues to weigh on prices.
On Monday, China surprised markets by lowering a key short-term policy rate and benchmark lending rates to boost the economy.
On Sunday, China released a policy document following a leaders' meeting last week that largely outlined known ambitions, from developing advanced industries to improving the business environment. Analysts did not spot any imminent sign of structural shifts in the world's second-biggest economy.
Reporting by Katya Golubkova and Colleen Howe; Editing by Tom Hogue and Neil Fullick
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
