On Thursday, the price of oil dropped a bit from its multi-month high. Traders are becoming more cautious ahead of the release of important US inflation data later in the day. Additionally, concerns about a slowdown in demand from China are still relevant.
The strength of the dollar before Thursday’s CPI reading posed a major obstacle to higher oil prices. This is because markets predicted an increase in inflation in the United States.
Despite this, crude oil prices continue to trade near their peak levels for the year. This is due to recent data indicating a consistent demand for fuel in the United States.
At 11:45 Riyadh time, there was a slight shift in the oil market. Texas oil contracts were trading at $84.5 per barrel, experiencing a 0.12% increase. Similarly, Brent oil contracts rose by 0.18%, reaching $87.71 per barrel.