Oil prices set to end week higher after U.S. rate cut
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NewsTranscript
00:00Oil prices eased but were poised for a second straight week of gains due to a U.S. interest
00:05rate cut and declining global stockpiles.
00:09Brent crude fell to $74.38 a barrel and with U.S. WTI dropped to $71.47 a barrel, yet both
00:19saw weekly increases of 3.7% and 4% respectively.
00:24Analysts noted while interest rate cuts improve sentiment, it takes time for these changes
00:29to boost economic activity and oil demand.
00:32Additionally, U.S. crude inventories have reached a one-year low supporting prices.