Oil prices slow sell-off as expectations of Fed rate cut grow

The steep decline in crude oil prices halted on Thursday as expectations of a Federal Reserve rate cut balanced out the impact of weak economic data from the U.S. and China, the world's two largest economies.

Brent crude futures rose by 3 cents to $76.08 per barrel, while U.S. West Texas Intermediate crude futures dropped by 5 cents to $71.88 as of 0036 GMT. Both contracts had fallen by over $1, or more than 1%, in the previous session.