Brent oil hovers above $80 per barrel after US inflation eases: Report

LONDON (Reuters) -Global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world’s biggest economy are close to their peak.

Data released on Wednesday showed U.S. 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 U.S. rate-hiking cycle peaks. Higher rates can slow economic growth and reduce oil demand.