Oil Prices Start the Week Lower on Profit-Taking

Crude oil prices began trade this week with a decline as traders took profit and prepared for the Fed’s rate decision, due later this week. Expectations are for another rate cut that would boost prices. At the time of writing, Brent crude was trading at $74.20 per barrel and West Texas Intermediate was at $70.91 per barrel, both down from opening, although this may reverse later in the day following a temporary force majeure on Libyan oil after armed clashes near the Zawiya refinery and export terminal caused fires at the oil tanks. “After…