Oil prices rose today, Friday, amid signs of easing inflationary pressures in the United States of America, the world’s largest oil consumer, but are still heading for a weekly decline.
Brent crude futures rose 33 cents, or 0.4 percent, to $85.73 a barrel, while US West Texas Intermediate crude futures rose 46 cents, or 0.6 percent, to $83.08 a barrel.
Both crudes rose in the previous two sessions, but are heading for a weekly loss.
Brent crude futures are heading for a decline of about one percent on a weekly basis after four weeks of gains.
West Texas Intermediate crude futures were broadly flat for the week, with expectations of a 0.1 percent decline.
Recent U.S. economic data showed consumer prices fell in June, boosting hopes that the Federal Reserve will soon cut interest rates.
Lower interest rates typically boost economic growth, which helps fuel consumption.
Source: National Iraqi News Agency