Publisher: Maaal International Media Company
License: 465734
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.