Oil rises as US crude stocks fall again, Fed cuts interest rates
NEW YORK: Oil prices rose for a fifth day on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade.
The front-month Brent crude futures contract, which expired Wednesday, rose 45 cents to settle at $65.17 a barrel. Brent posted a monthly decline of 2.1%.
U.S. West Texas Intermediate (WTI) crude futures gained 53 cents to settle at $58.58 a barrel, and inched up 0.2% in July.
