London /
Oil prices rose slightly in a volatile session on Monday, after the interest rate cut last week in USA and the drop in crude oil supply after Hurricane Francine offset the lower demand for the main oil importerChina.
Brent futures for November They earned 16 centsor 0.21 percent, to $74.65 a barrel, and those of West Texas Intermediate In the United States, prices in November improved by 21 cents, or 0.3 percentat $71.21.
Oil prices were boosted last week by the Fed decision to cut rates in 50 basis points and indicate new reductions for the end of the year, although the lower demand from China is limiting the increasessaid Charalampos Pissouros, of the XM brokerage.
Both oil benchmarks advanced more than 4 percent last week.
“Despite the surge in risk asset prices following the Fed’s exaggerated rate cut last week, oil appears to be range bound,” said Harry Tchilinguirian of Onyx Capital Group.
“The market will be looking to the European and US purchasing managers’ indices (PMI) to see how the economy is faring, and if they disappoint, oil prices are likely to come under downward pressure,” he added.
Business activity in the Eurozone contracted abruptly and unexpected this month, as the services sector, dominant in the bloc, stagnated, while growth accelerated sector decline manufacturing, a survey showed on Monday.
Less rosy economic prospects for China, main consumerlimited profits.
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