Oil gains after US inflation data pushes Wall Street to lift Fed rate cut bets

Washington/IBNS: Crude oil prices extended gains on Thursday (July 11), keeping the Brent crude benchmark above the $85 per barrel-mark, after Wall Street experts lifted bets on interest rate cuts by the United States Federal Reserve, reports Mint.

Oil prices rise over 1% ahead of inflation data after downbeat week

Houston/IBNS: The prices of crude oil rose over 1 percent in muted trade owing to public holidays in Britain and the United States after a downbeat week characterised by the outlook for US interest rates in the face of sticky inflation, reports said.

India, China, Japan, US to release crude oil together to control prices

New Delhi/IBNS: India has agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves (SPR) in parallel and in consultation with other major global energy consumers including the USA, China, Japan, and South Korea in order to curb the steep rise in petrol prices.