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Oil prices extend gains amid Middle East tensions, US interest rate cut hopes

Updated : June 21, 2019 08:01 AM IST

While US President Donald Trump played down the destruction of the drone, tensions remain high after the latest incident in the Gulf, which followed tanker attacks last week that raised concerns about crucial oil supplies being disrupted.
The demand-side picture has also improved, with expectations that the US Federal Reserve will cut interest rates at its next meeting and with plans by Beijing and Washington to resume talks to resolve a trade war that has hit economic growth prospects.
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