Oil prices rise on expectation of strong global demand and possible Fed interest rate cut

Oil prices increased on Wednesday as the market anticipated strong global demand and a possible interest rate cut by the Federal Reserve. Brent futures for May rose 0.3% to $82.20 a barrel, and the April U.S. West Texas Intermediate crude contract also rose 0.4% to $77.84. The Organization of the Petroleum Exporting Countries (OPEC) maintained its projection of robust global oil demand growth and raised its economic growth forecast for this year.