2023-07-13 21:06:17
oil
Oil prices rose more than 1 percent on Thursday, reaching their highest levels in nearly three months, after US inflation data indicated that interest rates in the world’s largest economy were close to peaking.
Data released on Wednesday showed consumer prices in the United States rose slightly in June, marking the smallest annual increase in more than two years as inflation remained subdued.
John Kilduff, partner at Again Capital in New York, said the data caused the US dollar index to drop to its lowest level since April 2022, which helped boost oil prices.
price movements
Brent crude futures rose $1.25, or 1.6 percent, to $81.36 a barrel by 13:15 GMT.
And it reached its highest price during the session to 81.57 dollars, which is its highest level since April 25.
US West Texas crude futures rose $1.14, or 1.5%, to $76.89.
It reached its highest price during the session at $77.13, the highest since April 26.
A weaker dollar would make crude oil cheaper for holders of other currencies.
Oil prices have jumped more than 11 percent in two weeks, said Craig Erlam, chief market analyst at Onada, adding that the main reason for this was supply cuts from Saudi Arabia and Russia.
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