Oil Prices Rise on Slower US Inflation, Strong Demand

Tokyo, 16 May (ONA) --- Oil prices today extended gains from the previous session on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, bolstering the argument for an interest rate cut which could drive even greater consumption.

Brent futures rose 35 cents, or 0.4%, to $83.10 a barrel, while U.S. West Texas Intermediate crude (WTI) gained 40 cents, or 0.5%, to $79.03.

Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended 10 May 2024.

---Ends/Thuraiya/KH