Doha: Oil prices climbed to their highest level in two weeks on Monday, driven by investor expectations of an imminent US interest rate cut that could support economic growth and boost global energy demand. Markets also remain on edge over geopolitical risks that threaten crude supplies from Russia and Venezuela. Brent crude futures edged up 4 cents, or 0.06%, to $63.79 per barrel, while US West Texas Intermediate (WTI) crude rose 7 cents, or 0.12%, to $60.15 per barrel. Both benchmarks settled on Friday at their strongest levels since November 18.

According to Qatar News Agency, the anticipation of a US interest rate cut has fueled optimism among investors, who believe that such a move could spur economic activity and, consequently, increase the demand for energy. The financial markets are closely watching the Federal Reserve’s decisions as they may have significant implications for global oil consumption patterns. Furthermore, ongoing geopolitical tensions involving major oil-producing nations like Russia and Venezuela are contributing to market uncertainty, as potential disruptions to their crude supplies could impact global oil availability.