Crude oil futures ended higher on Thursday lifted by hopes of an interest rate cut by the Federal Reserve after data showed U.S. consumer price inflation eased more than expected in the month of June. Data from the Labor Department said U.S. consumer price index slipped by 0.1% in June after coming in unchanged in May. Street had expected consumer prices to inch up by 0.1%.
Benchmark U.S. crude oil futures for August delivery rose $0.52 or 0.63% to $82.62 per barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $0.32 or about 0.37% to $85.40 per barrel on London's Intercontinental Exchange.