Oil Prices Rise as Fed Pivot Boosts Demand Optimism

Oil prices rose early on Thursday in Asian trade, extending the gains from Wednesday, after the Fed signaled there could be three rate cuts coming next year that could boost economic growth and oil demand. Early on Thursday, the U.S. benchmark WTI Crude was trading up by 1.77% on the day at $70.70. The international benchmark, Brent Crude, traded 1.80% higher at $75.60. Oil prices, which earlier this week had fallen to their lowest levels since June, extended Wednesday’s gains into Thursday, after the U.S. Federal Reserve kept interest rates…