Oil touches the highest level in two weeks, supported by expectations of a US interest rate cut

Oil prices touched their highest levels in two weeks, on Monday, as investors expect a possible cut in interest rates in America this week, to boost economic growth and demand for Energy, while monitoring geopolitical risks threatening Russian and Venezuelan supplies.

Brent crude futures fell by 25 cents, or 0.4%, to reach $63.50 a barrel by 09:22 GMT, while US West Texas Intermediate crude reached $59.83, also down 25 cents, or 0.4%.

Tamas Varga, oil market analyst at the company, said "BVM": "The market is in a wait-and-see mode ahead of more news on US interest rates and peace talks in Ukraine". He added: "If any agreement is reached in the near future regarding Ukraine, Russian oil exports are expected to increase, which will put downward pressure on oil prices.".

The data showed