New York June 18 2024: Oil prices increased about 1% on Tuesday following cautious yet positive comments from a New York Federal Reserve policymaker on the future of interest rate cuts, while wars in Europe and the Middle East continued to threaten supply.
Brent crude futures were up 97 cents to $85.22 per barrel by 11:38 a.m. EDT (1538 GMT), while U.S. West Texas Intermediate crude futures rose by $1.21 to $81.54 a barrel.
Both benchmarks rose by more than $1 per barrel earlier in the session. The global benchmark Brent has clambered back from an early-June close of $77.52, though remains off its $90 peaks in mid-April.
Prices extended gains on Tuesday after the New York Federal Reserve President John Williams said interest rates will come down gradually over time. He declined to say when the U.S. central bank will kick off its monetary policy easing.
