Oil prices rise on slower US inflation, strong demand

Tokyo, May 16 (BNA): Oil prices extended gains from the previous session on Thursday 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 at 0310 GMT, while U.S. West Texas Intermediate crude (WTI) gained 40 cents, or 0.5%, to $79.03, Reuters reported.

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


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