Oil prices rise on Middle East escalation concerns, Fed rate cut

Oil prices rose on Monday, buoyed by concerns that heightened conflict in the Middle East may curtail regional supply and expectations last week’s outsized US interest rate cut will support demand.

Brent crude futures for November were up 60 cents, or 0.8 per cent at $75.09 a barrel at 0415 GMT. US crude futures for November were up 64 cents, or 0.9 per cent, at $71.64.

Both contracts rose in the previous session on support from the US interest rate cut and a dip in US supply in the aftermath of Hurricane Francine.