Oil Prices Surge as US Inflation Data Eases Concerns - News18
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Last Updated: July 13, 2023, 02:10 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices rise on U.S. inflation data, fueling hopes of fewer interest rate hikes. Brent futures breach $80 a barrel, signaling market optimism Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world’s biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Higher rates can slow economic growth and reduce oil demand. “This is the lowest number since the pandemic … but it is important to keep in mind that this is still a transitory situation. But