WASHINGTON (dpa-AFX) - Oil futures settled lower on Friday, weighed down by data showing a bigger than expected increase in U.S. producer prices in the month of June.
Today's data has slightly offset Thursday's Labor Department report that showed an unexpected drop in consumer price inflation in the U.S.
Still, expectations of an interest rate cut by the Federal Reserve in September, and recent forecasts saying oil demand will be fairly strong this year, helped limit the commodity's losses today.
West Texas Intermediate Crude oil futures for August ended down by $0.41 at $82.21 a barrel.
Brent crude futures were down $0.37 or 0.43% at $85.03 a barrel a little while ago.
Data this week showed improved consumption of gasoline and jet fuel in the U.S. over the summer travel season.
OPEC and the International Energy Agency (IEA) again forecasted different short and medium-term global oil demand growth, but it is widely believed that there will be positive growth trajectory in the near term due to possible reduction in interest rates.
A report released by Baker Hughes today said the total number of active drilling rigs for oil and gas in the U.S. dropped by 1 to 584 this week.
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