Oil prices rose on Thursday as a sharp slowdown in U.S. inflation raised hopes that the U.S. Federal Reserve would hold back from further interest rate hikes.
Oil prices exceeded $80 for the first time since April.
Brent crude was up 0.30% at $80.35 a barrel, while the West Texas Intermediate index was up 0.21% at $75.91 a barrel.
Yesterday, Brent settled up 0.89 percent at $80.11 a barrel, while West Texas Intermediate crude rose 1.23 percent at $75.75.
Data released by the US Department of Labor showed that the US Consumer Price Index rose by $3 year-on-year in June, the smallest increase since March 2021, and fell from 4 percent in May.
Core inflation, which excludes food and energy, rose 0.2 percent last month.
