Oil prices were higher today trading up on hopes of a fed cut in a few weeks. Prices rebounded after four straight days of declines. On Wednesday, minutes of the Federal Reserve’s July meeting showed most Fed officials thought the central bank was on track for an interest rate cut next month. “The dollar has been sold off on the interest rate cut news,” said John Kilduff, Partner at Again Capital. “Everyone is now talking about the Fed cutting rates by 50 basis points, which would be significant,” he said. On Thursday, the U.S. Labor Department said the number of jobless claims ticked up last week, but appeared to be steadying near a level consistent with gradual cooling of the labor market. This also sets the stage for interest rate cuts. WTI traded up $1.08 or 1.5% to close at $73.01 Brent traded down $1.17 or -1.54% to close at $77.22.