On the morning of the 12th Beijing time, WTI crude oil futures in the United States closed higher on Thursday. CPI data showed cooling inflation, boosting hopes that the Federal Reserve will cut interest rates later this year.
According to data from the US Department of Labor, the inflation rate measured by the Consumer Price Index (CPI) fell by 0.1% from May to June, making the inflation rate for the past 12 months 3%, which is close to the lowest level in over three years.
The West Texas Intermediate crude oil futures (WTI) for August delivery on the New York Mercantile Exchange rose 52 cents, or 0.63%, to settle at $82.62 per barrel.
Brent crude oil futures for September delivery on the Intercontinental Exchange Europe rose 32 cents, or 0.37%, to settle at $85.40 per barrel.