Brent crude futures for November were up 23 cents at $71.84 a barrel by 0934 GMT, while U.S. crude futures for October rose 32 cents to $68
Oil prices stabilised on Monday as ongoing disruption to U.S. Gulf oil infrastructure balanced persistent demand concerns after a fresh round of Chinese data while investors await news on U.S. interest rates this week.
Traders are increasingly betting on rate cut of 50 basis points rather than 25 bps, as shown by the CME FedWatch tool that tracks fed fund futures. Nearly a fifth of crude oil production and 28 per cent of natural gas output in the Gulf of Mexico remains offline in the aftermath of Hurricane Francine.
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