Oil prices rose slightly after expectations of a US interest rate cut boosted the outlook for global growth and fuel demand. Brent crude futures climbed 6 cents or 0.09% to $67.79, while US West Texas Intermediate (WTI) crude futures increased 9 cents or 0.14% to $63.75. By 10:23 GMT, Brent futures rose 39 cents or 0.6% to $68.12, and WTI futures gained 42 cents or 0.7% to $64.08. Ole Hansen, Head of Commodity Strategy at Saxo Bank, said the market is somewhat concerned about the potential failure of peace talks between Russia and Ukraine. He added that the market expects supply to exceed demand during the autumn, but in the short term, this faces challenges due to possible geopolitical disruptions. Investor risk appetite increased after Federal Reserve Chairman Jerome Powell indicated the possibility of an interest rate cut at next month’s US central bank meeting.

Senior market analyst Priyanka Sachdeva from brokerage firm Phillip Nova noted that despite this, the benchmark crude prices seem to lack momentum. She added that markets are increasingly convinced that tariffs imposed by Trump will affect economic growth.