Global oil prices rose in early Asian trading on Thursday, supported by signals from the Federal Reserve about a possible start to a rate cut and as China unveiled new support measures for the struggling real estate market.
Brent crude futures rose 43 cents, or 0.5 percent, to $80.98 a barrel. U.S. West Texas Intermediate crude futures rose 44 cents, or 0.6 percent, to $76.29 a barrel after falling more than $2 a barrel in the last session.
The immediate cause of the oil rebound is market expectations of a rate cut this year after the US Federal Reserve chairman announced that "the rate hike cycle has peaked."
Source (Al-Arabiya.net Website, Edited)
