Oil Prices Surge Ahead of Fed Rate Decision Boosted by China's Rate Cut and Positive Reports.

Oil prices rose due to slowing inflation in the US and China's efforts to boost its economy. The market is waiting for the Federal Reserve's interest rate decision and the weekly report on US oil inventories. The US benchmark, WTI Crude, was up by 1.12% at $70.20, and the international benchmark, Brent Crude, was trading at $75.20, up by 1.22% on the day. The higher chances of a Fed pause in rates could raise the chances of a soft landing of the US economy later this year.