Oil prices rose in early Asian trading hours on Friday as signs of strong summer demand and easing inflationary pressures in the world's biggest oil market, the United States, bolstered investor confidence.Brent crude futures rose 37 cents, or 0.4 per cent, to $85.77 a barrel by 0031 GMT. U.S.
FILE PHOTO: An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File PhotoOil prices rose in early Asian trading hours on Friday as signs of strong summer demand and easing inflationary pressures in the world's biggest oil market, the United States, bolstered investor confidence.
Both contracts gained in the prior two sessions, but Brent futures were set to decline about 1 per cent week-over-week after four consecutive weeks of gains. WTI futures were virtually unchanged on a weekly basis. Strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles, supporting prices. U.S. Gulf Coast refiners' net input of crude rose last week to more than 9.4 million bpd for the first time since January 2019, government data showed.
U.S. government data on Thursday showed an unexpected decline in consumer prices in June, stoking hopes that the Federal Reserve will cut interest rates soon.
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