WionDrive News Desk 
Oil prices opened higher on Monday morning as investors monitored signals of an anticipated rate-cut cycle set to commence in September. Brent crude gained 48 cents to USD 83.10 per barrel, up 0.57% as of 0035 GMT, while US West Texas Intermediate rose 42 cents to USD 80.55, marking a 0.52% increase.
According to ANZ Research, recent inflation and labor market data since the June FOMC meeting suggest conditions are favorable for the Fed to start reducing interest rates next month.
Investors await the next Federal Open Market Committee (FOMC) meeting on July 30-31, expecting the Fed to maintain rates but watching for indications of future cuts. Meanwhile, US President Joe Biden withdrew from reelection, backing Vice President Kamala Harris as the Democratic candidate against Republican Donald Trump in November.
Concerns over China’s economic growth, which fell short of expectations at 4.7% in Q2, continue to dampen oil demand outlooks and exert downward pressure on prices. China’s latest policy document, released Sunday, outlines developmental goals without immediate structural shifts, following a significant closed-door Communist Party Central Committee meeting last week.
