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## Oil Prices Rise on Tightening Supply and Fed Rate Cut Hopes

By Laila Kearney

(Reuters) – Oil prices climbed in early trade on Thursday, boosted by decreasing U.S. crude inventories that indicated a tighter supply. Moreover, there were rising expectations that the Federal Reserve would slash interest rates by the end of the year.

### Positive Trend in Oil Prices Continues

Brent crude futures for July saw a 23-cent increase, reaching $83.81 a barrel by 0033 GMT. Meanwhile, U.S. West Texas Intermediate crude for June was up by 29 cents, hitting $79.28 per barrel.

The recent data showed that crude inventories had reduced by 1.4 million barrels to 459.5 million barrels, as reported by the Energy Information Administration. This exceeded analysts’ predictions in a Reuters poll, which had expected a 1.1 million-barrel draw due to the increase in refinery activity. [EIA/S] [API/S]

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### Impact of Interest Rate Cuts on Oil Prices

The anticipation of a decrease in interest rates by the U.S. central bank later this year, spurred by weaker-than-expected U.S. jobs data, also contributed to the uptick in oil prices. Lower interest rates are known to stimulate spending on crude oil, thereby influencing market dynamics.

### Factors Influencing Oil Price Movements

While the hopes for a ceasefire in the Middle East emerged, with discussions on a Gaza ceasefire showing potential progress between Israel and Hamas, oil prices were tempered. The outlook for stability in the region helped prevent further increases in oil prices.

### Market Outlook and Ongoing Developments

As the market remains influenced by various geopolitical factors and economic indicators, ongoing monitoring of supply and demand dynamics, as well as global events, will continue to shape oil price movements in the near future.

(Reporting by Laila Kearney in New York; Editing by Stephen Coates)

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