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Oil prices rise past China rate disappointment, tighter supplies eyed
Oil prices rose in Asian trade on Monday, largely shrugging off a disappointing interest rate cut from major importer China as the prospect of tighter supplies supported the outlook. Concerns over slowing demand in China and rising U.S. interest rates had driven steep losses in crude prices over the past week, pulling them away from 2023 highs and also seeing them snap a seven-week winning streak. But the prospect of tighter supplies, following deep production cuts from Saudi Arabia and Russia this year, helped keep a floor under prices. Brent oil futures rose 0.5% to $85.21 a barrel, while West Texas Intermediate ... (full story)