Oil prices rose at the end of the week's trading, supported by the scarcity of supply amid tension in Libya and Nigeria and the decline in inflation in the United States, which the markets hoped would put an end to raising interest rates in the largest economy in the world.
According to Reuters, Brent crude futures rose 27 cents, or 0.3%, to $81.63 a barrel, and US West Texas Intermediate crude futures rose 35 cents, or 0.5%, to $77.24.
Consumer prices in the United States rose slightly in June, posting the lowest annual rate of increase in more than two years, as inflation continued to ease.
Producer prices also rose slightly in June, the annual increase being the smallest in nearly three years.
“Positive risk sentiment swept through the markets, driven by more data showing a slowdown in US price pressures, raising hopes that the Federal Reserve may have just one more time to finish the rate hike cycle,” ANZ said in a note to clients. .
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