Oil price hovers above $80
Global oil benchmark Brent hovered above $80 a barrel on Thursday after US inflation data implied interest rates in the world's biggest economy are close to their peak.
Data released on Wednesday showed US consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside.
Markets expect one more interest rate rise before the US rate-hiking cycle has likely peaked. Higher rates can slow economic growth and reduce oil demand.
Oil prices have rallied by around 12 per cent in two weeks, primarily in response to supply cuts from top producers Saudi Arabia and Russia, Craig Erlam, senior market analyst at OANDA, said.
"Some profit-taking at these levels wouldn't be hugely surprising and may have come sooner if not for the US consumer price inflation data," he said.
Brent crude futures were up 25 cents to $80.36 per barrel by 0923 GMT, while US West Texas Intermediate crude futures were up 17 cents at $75.92.
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