Africa-Press – Botswana. The price of a barrel of Brent for delivery in October ended Thursday’s session of the London futures market, up 1.20 percent, at US$97.47.
The course of European crude rebounded after it was known that year-on-year inflation in the United States dropped to 8.5 percent in July.
At the same time, investors kept their attention focused on the higher-than-expected increase in US oil reserves, which was seen as a sign of a slowdown in demand.
On the contrary, the announcement of the reopening of the Russian Druzhba oil pipeline allayed fears about a possible reduction in supply.
Monthly inflation for July in the United States fell, remaining unchanged at 1.3 percent, decelerating to 8.5 percent in 12-month terms, down from 9.3 percent in June.
The figures were released on Wednesday, when the US Consumer Price Index (CPI) was published, which proved to be slightly below the market consensus, which was betting on a monthly change of 0.2 percentage points, in 8 .7 percent year on year.
The result in annualized terms remains, however, at the highest level in 40 years, since the period of the “Great Inflation” of the 1980s.
The deceleration was influenced by the drop in fuel prices, given by the reduction in the price of a barrel of oil in the international market. The price of a barrel of crude has fallen below $100 in recent weeks, the lowest since the start of the war in Ukraine, helping to drive down fuel prices in the United States.
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