Oil advanced after a six-week run of losses on speculation that the Federal Reserve is done raising interest rates and the possibility that US sanctions on Venezuelan supply could be tightened up once again.
Benchmark Brent rose toward $80 a barrel after capping the worst run of weekly declines in two years, while West Texas Intermediate neared $75. Investor expectations the Fed’s next move will be a cut has gathered strength this quarter, hurting the US dollar to make commodities more attractive.
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December 04, 2023 at 06:52AM
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Latest Oil Market News and Analysis for Dec. 4 - Bloomberg
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