Oil closes higher amid uncertainty over US monetary easing

Oil drilling rigs

Oil prices ended higher on Thursday, with Brent posting modest gains, as uncertainty loomed over the prospects of monetary easing in the world’s largest economy.

Brent crude futures (November delivery) rose 0.16%, or 11 cents, to $69.42 a barrel, while WTI crude futures (November delivery) slipped by 1 cent to $64.98 a barrel.

Official data released today showed the US economy expanded 3.8% year-on-year in Q2, up 0.5 percentage points from the previous estimate.

Additionally, weekly jobless claims fell by 14,000 last week, defying expectations for an increase, hitting their lowest level since mid-July.

These figures prompted investors to adopt a cautious stance regarding expectations of an accelerated pace of Federal Reserve rate cuts, amid concerns over potential labor market weakness.