Oil Futures Gain After US Inflation Report

Following the latest US inflation report, oil futures saw a significant increase. The annual inflation rate in April showed a decline, reaching its lowest point since February 2021.

Price Movements

West Texas Intermediate (WTI) for June deliveries rose by 1.24% to $62.72 per barrel at 8:23 am ET. Shortly after, Brent crude for July settlements increased by 1.06% to $65.64 per barrel.