01AUG2019 - NEWS - Oil Rises on Rate Cut Expectations

The energy sector is poised for a higher start, backed by strength in the crude complex and broader equity indices which rose on easing trade worries, upbea t earnings and while investors awaited an almost certain cut in interest rates by the Federal Reserve this afternoon. Trading will also be dictated by a host o f earnings results today from across the space.WTI crude oil futures extended the climb higher for the fifth-straight session and are up roughly 1% in early trading, marginally outpacing Brent, supported by last night's API report and expectations that the Fed will cut interest rates later today. The industry inventory read showed crude inventories fell by 6 million barrels last week versus analysts' forecasts for a drop of 2.6 million barrels. The data also showed declines in gasoline and distillate inventories. Traders will be looking to the official EIA inventory data later this morning as the next major catalyst.