Oil up after inflation slows in America

Oil prices rose today, Friday, amid signs of easing inflationary pressures in the United States, the world’s largest oil consumer, but they are heading for a weekly decline.

By 0300 GMT, Brent crude futures rose 33 cents, or 0.4%, to $85.73 per barrel. US West Texas Intermediate crude futures also increased 46 cents, or 0.6%, to $83.08 per barrel.

Both contracts rose in the previous two sessions, but they are heading for a weekly loss.

Brent crude futures are heading to fall by about 1% on a weekly basis after four weeks of gains. WTI futures remained generally stable during the week and are expected to fall just 0.1%.

Investor confidence received support after data showed yesterday, Thursday, a decline in consumer prices in the United States in June, which raised hopes that the Federal Reserve (the US central bank) would reduce interest rates soon.