Oil prices are still rising with the support of the hope of lowering interest

Oil prices have risen, which strengthened the profits last week, after the most important technical indicators helped a turnout that began with indications that the Federal Reserve would lower interest rates. The Western Texas West Raw rose 1.8% to approach $ 65 a barrel, with the highest closure in three weeks, while Brent closed near $ 69 a barrel. Federal Reserve’s head, Jerome Powell, indicated in a Friday speech that the central bank could lower interest rates at the meeting planned in September. These statements have strengthened future crude contracts, amid the expectation that interest reduction will revive the US economy and increase oil demand. The penetration of ‘West Texas’ crude for its moving average for 100 days, about $ 64.45, stimulated some purchases from the traders who are accredited according to algorithms. Ukraine’s attacks on Russian energy infrastructure in a related context, Ukraine launched a night attack at the Russian harbor Austa port overlooking the Baltic Sea, in the latest series of strikes that targeted energy infrastructure. Ukraine has attacked 8 Russian ranks since the beginning of the month, which has increased the fear of exacerbating the scarcity of fuel supply in the market. However, morale remains lukewarm in the long run. Money managers reduced their upward bets on oil to the lowest level in about 17 years, after two of the most prominent international energy agencies expected shares to be on their way to the surplus next year. Multiple factors are printing prices traded in a narrow series since early August, as customers have tried in the short term to balance long -term expectations, and several potential supportive geopolitical factors. The United States has threatened to double the customs duties on all imports of India to 50%, in response to the purchases of Russian oil. Although the fine will enter the implementation on Wednesday, Indian diplomats confirmed that local refineries will continue to buy crude oil from Moscow. Rough futures prices have dropped by 10% since the beginning of the year, at a time when the “OPEC+” coalition decided to end the voluntary discount. All of these factors raised the fear of possible evacuation in the offer during this year. Brent futures are currently trading with a rare opponent compared to his local counterpart in Dubai, a transformation that can increase the fear of a growing surplus. This change, which has taken months to form, reflects indications that the balance of demand and supply in the Atlantic pelvis, where the contracts are largely pronounced, weakened compared to the Middle East, despite the addition of “OPEC+” millions of barrels per day to production. Brent Futures trading sizes fell below their daily average on Monday, with the absence of some traders due to a public holiday in the UK.