Oil rises on cooling US inflation but heads for weekly dip
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Oil prices inched up on Friday amid signs of easing inflationary pressures in the United States. Brent crude futures rose 33 cents to $85.73 a barrel, while US West Texas Intermediate crude futures climbed 46 cents to $83.08 a barrel. Both contracts were still poised for weekly declines. Data showed US consumer prices fell in June, stoking hopes that the Federal Reserve will cut interest rates soon. Lower rates are expected to boost economic growth and fuel consumption. However, the market is still awaiting clearer signs of action from the Fed. US gasoline demand was at its highest since 2019, and jet fuel demand was at its strongest since January 2020. US refiners ramped up activity and drew from crude oil stockpiles. Investor confidence was bolstered by the easing inflation numbers, but more data is needed to strengthen the case for rate cuts.
#OilPrices #UsInflation #FederalReserve #FuelConsumption
https://www.brecorder.com/news/40312571
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