Oil prices increased today, Friday, supported by supply shortages amid tensions in Libya and Nigeria, alongside a slowdown in inflation in the United States, which markets hope will put an end to interest rate hikes in the world's largest economy. Brent crude futures rose by 0.3% to $81.63 per barrel. West Texas Intermediate crude futures increased by 0.5% to $77.24.
Consumer prices in the United States rose slightly in June, marking the lowest annual increase rate in over two years as inflation continues to decline. Producer prices also increased slightly in June, with the annual rise being the smallest in nearly three years.
Both indicators give markets hope that the U.S. Federal Reserve is closer to ending the fastest monetary policy tightening cycle since the 1980s.
