Oil Rises on Cooling US Inflation

Oil prices went up on Friday amid signs of easing inflationary pressures in the United States, though the contracts were headed for a weekly decline. Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel. US West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Both contracts gained in the prior two sessions but were still poised for weekly declines. Brent futures were set to fall about 1% week-on-week following four weeks of gains. WTI futures were broadly stable on a weekly basis, set for a 0.1% dip. Investor confidence was bolstered after data on Thursday showed US consumer prices fell in June, which could mean that the Federal Reserve will cut interest rates soon. Lower rates are expected to boost economic growth which would help raise fuel consumption. Source: Qatar News Agency