Oil prices rose on Friday amid signs of easing inflationary pressures in the United States. The country is the world's biggest oil consumer even though Brent is forecast to fall this week.
Brent crude futures rose 49 cents (0.6%) to $85.89 a barrel and US West Texas Intermediate rose 58 cents (0.7%) to $83.20 a barrel.
Both contracts rose in the previous two sessions but may be prepared for a forecast decline this week.
Brent crude is expected to fall about 1% week-on-week following a four-week rise. WTI on the other hand is generally stable on a weekly basis.
Additionally, investor confidence was boosted after data on Thursday showed US consumer prices (CPI) fell in June and fueled hopes that the Federal Reserve (Fed) will cut interest rates soon.
Lower rates are expected to boost economic growth, which will help boost fuel consumption.
However, the crude oil market is still waiting for more clear indications when Jerome Powell admits that the trend of downward pressure on inflation is taking place. He said that monetary policymakers need more data to support rate cuts.
Strong fuel demand encouraged US refiners to increase activity and draw from crude oil reserves.
US Gulf Coast refinery net crude inputs rose last week to more than 9.4 million barrels for the first time since January 2019.
