Oil prices rise as crude inventories fall and U.S. inflation eases

Oil prices rise as crude inventories fall and U.S. inflation eases

The sun sets behind a pumpjack during a gusty night on March 24, 2024 in Fort Stockton, Texas. 

Brandon Bell | Getty Images

Oil prices rose Thursday as stockpiles in the U.S. fell for a second week and inflation eased.

U.S. crude stockpiles declined by 2.5 million barrels last week, according to the Energy Information Administration, as refiners processed more crude in a sign that demand might be perking up.

Here are today’s energy prices:

  • West Texas Intermediate June contract: $79.37 a barrel, up 71 cents, or 0.9%. Year to date, U.S. crude oil has gained 10.76%.
  • Brent July contract: $83.30 a barrel, up55 cents, or 0.65%. Year to date, the global benchmark has advanced 8.3%.
  • RBOB Gasoline June contract: $2.54 per gallon, up 1.58%. Year to date, gasoline futures are ahead 20.6%.
  • Natural Gas June contract: $2.48 per thousand cubic feet, up 2.61%. Year to date, gas is down 1.3%.

With inflation easing slightly in April, futures traders penciled in a higher probability that the Federal Reserve might cut interest rates in September. Lower interest rates help stimulate the economy which can boost crude oil demand.

West Texas Intermediate and Brent are up slightly on the week, but have lost 3% and 5.2%, respectively, this month.

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WTI v Brent

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