Brent oil rises to $80.3 per barrel

Benchmark oil prices edged up moderately on July 13 after gains in the previous session on the back of a weaker dollar, Report informs with reference to Interfax.

The price of September futures for Brent on the London ICE Futures exchange in the morning amounted to $80.3 per barrel, which is 19 cents (0.24%) higher than at the close of the previous session.

Quotes of futures for WTI oil for August in electronic trading on the New York Mercantile Exchange (NYMEX) increased by 14 cents (0.18%) and amounted to $75.89 per barrel.

On July 12, it became known that the growth rate of consumer prices in the US slowed to 3% in June from 4% in May, updating the minimum since March 2021. Analysts on average had expected a decline to 3.1%.

Oil traders are watching inflationary pressures ease as this could remove the need for the Federal Reserve to raise interest rates further.

The prospect of an early end to the US monetary tightening cycle slumped the dollar, supporting commodity prices. The index calculated by ICE, which shows the dynamics of the dollar against six major world currencies, fell by 1.2% on July 12.

The report of the US Department of Energy, which pointed to a sharp increase in oil reserves in the country last week, by almost 6 million barrels, instead of an increase of 483,000 barrels expected by analysts, could not interfere with the trend.