Oil prices experienced an increase in early trading on July 22, 2024, as investors anticipated the onset of a rate-cut cycle by the U.S. Federal Reserve, which is expected to begin as soon as September. The market sentiment has been influenced by recent political developments, including President Biden's decision to withdraw from a key position, which has added to the focus on the outlook for interest rates. As the week progresses, the stability of oil prices will be closely monitored in conjunction with these economic indicators.