iMetal

Crude oil futures rose about 2% on Thursday in a second consecutive day of gains, as the European Central Bank cut interest rates for the first time in five years and as traders bet the Federal Reserve will follow suit in September.
Oil prices closed more than 1% higher on Wednesday, snapping a losing streak triggered this week by the OPEC+ decision to increase supply later this year. The move higher Wednesday came after private payrolls came in much weaker than expected, boosting hopes that the Fed will slash rates.
Fed futures trading now suggests about a 70% chance that the central bank will cut rates in September. Lower interest rates bring the hope of more robust economic growth and stronger oil demand.
“The May private payroll data yesterday also suggested a slowing labour market much to the delight of the Federal Reserve,” Tamas Varga, an analyst at oil broker PVM, wrote in a Thursday note. “US equities climbed to fresh historic highs and the temptation was irresistible for oil, it faithfully followed.”