Oil prices rose for a fourth day on Tuesday on optimism that the US Federal Reserve will this week cut interest rates for the first time in more than ten years, which should support economic and fuel demand growth in the world's biggest oil user.
Brent crude rose 33 cents, or 0.5 percent, to $64.04 a barrel by 0435 GMT (0735am Riyadh time), after gaining 0.4 percent the previous session.
US crude was up 30 cents or 0.5 percent, at $57.17 a barrel, having risen 1.2 percent on Monday.
“The so-called dovish monetary policy in the United States, where the central bank reduces interest rates, would support a continuation in global expansionary activities and fuel demand growth for the second half of 2019,” Benjamin Lu, an analyst at Phillip Futures in Singapore, said in a note.
"If the Fed is a little more dovish and prices in a 75 basis points cut ... we might see oil pushing up towards $60," Lu said on phone, referring to U.S. crude.
“Still, demand side concerns are the shadow over oil prices," he added.
US central bankers will begin their two-day meeting later on Tuesday and are expected to lower borrowing costs for the first time since the depths of the financial crisis more than a decade ago.
US and Chinese negotiators meet this week for their first in-person talks since agreeing to a truce to their trade dispute at the Group of 20 meeting last month, with some optimistic that the discussions will help bridge the gap between the world's two largest economies and biggest oil consumers.
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