Post: Oil Prices 2% Higher at Settlement Following Geopolitical and Economic Factors

Doha: Oil prices rose by about 2 percent today to their highest level in a week, following U.S. President Donald Trump's warning of serious consequences if his talks with Russian President Vladimir Putin fail, and amid expectations that demand for oil will increase if the US decides to cut interest rates next month. Brent crude futures gained $1.21, or 1.8 percent, to settle at $66.84 per barrel, while US West Texas Intermediate (WTI) crude futures rose $1.31, or 2.1 percent, to $63.96 per barrel. According to Qatar News Agency, on Tuesday, Brent crude closed at its lowest level since June 5, while WTI recorded its lowest settlement price since June 2. Data from the US Energy Information Administration and the International Energy Agency attributed this partly to declines in inventories and supplies. Oil prices are also receiving additional support from near-certain expectations that the US Federal Reserve will cut interest rates in September, after inflation rose moderately in July.