WTI Oil hit two-week highs above $64.00 on Fed cut's hopes,

• Oil appreciates for the fourth day in a row, reaching prices above $64.00.
• Hopes of lower interest rates in the US have boosted expectations about an increase in demand.
• US President Trump has flagged the possibility of further sanctions against Russia.
  

Crude Oil prices are trading higher for the fourth day in a row on Monday, testing prices above $64.00 level for the first time over the last two weeks, as market expectations of lower interest rates in the United States have raised hopes of higher demand.

The price of the US benchmark West Texas Intermediate appreciates 0.5% on Monday, trading at $64.05, nearly $3 above last week's lows at $61.40. Investors' hopes that lower interest rates in the US will support economic growth are buoying prices on Monday.

Last Friday, the Federal Reserve Chairman, Jerome Powell, surprised markets by highlighting the downside risks threatening the US labour market and acknowledged the need for a less restrictive rate policy, opening the doors for a rate cut in September.

Furthermore, US President Trump has given another ultimatum to Russia's President, Vladimir Putin, threatening him with further sanctions if there's no progress on a peace deal in Ukraine. Market concerns about further restrictions on Russian Oil exports are acting as an additional support for crude prices.

Russia has shown willingness to end the war with Ukraine, but the Kremlin has been pushing back Zelenskyy's proposals for direct talks, while increasing its attacks on its western neighbour. In this context, the risk of further sanctions on Russian Oil and on countries importing it is looking increasingly likely.