Oil Prices Inch Up on Fed Rate Cut Outlook

Oil prices edged up in early trade on Monday amid expectations of a US interest rate cut this week, though gains were capped by US supply resumptions following Hurricane Francine and weaker China data.Brent crude futures for November were up 15 cents, or 0.2% at $71.76 a barrel. US crude futures for October were up 23 cents, or 0.3%, at $68.88 a barrel.Both contracts had settled lower in the previous session, with concerns about supply disruptions easing as Gulf of Mexico crude production resumed.Still, nearly a fifth of crude oil production and 28% of natural gas output in the Gulf of Mexico remain offline in the hurricane's aftermath.Source: Qatar News Agency