Oil Prices Rebound on Positive Economic Outlook and Supply Disruptions

Oil prices continued to rise as the Federal Reserve's indication of potential rate cuts next year boosted optimism around economic growth and oil demand. The rally in stocks, bonds, and gold, along with the decline in the U.S. dollar, further supported oil prices. The U.S. benchmark WTI Crude traded above $70, while Brent Crude rose to $75.60. The Fed's comments came after crude oil prices rebounded due to a larger-than-expected draw in U.S. inventory and OPEC's unchanged oil demand growth forecasts.