Oil Prices Rise Amid Gulf Production Disruptions and Anticipated Fed Rate Cut

Hurricane Francine's impact on Gulf of Mexico output and expectations of a significant interest rate cut drive oil market fluctuations.

U.S. crude oil prices climbed above $70 per barrel as Gulf of Mexico production remains hindered by Hurricane Francine's aftermath.
More than 12% of crude and 16% of natural gas production in the Gulf are still offline, contributing to price increases.
The Federal Reserve's upcoming decision on interest rate cuts is expected to influence oil demand by potentially boosting economic activity.
Weaker-than-expected demand growth in China, the world's largest crude importer, continues to cap price gains.
Financial analysts and institutions have adjusted their oil price forecasts for 2024, citing a slower global demand outlook and economic concerns.