Oil prices rise on strong fuel demand data
Oil prices rose in early Asian trade on Thursday after strong demand for fuels in the US outweighed concerns about the possibility of the world’s biggest oil producer and consumer defaulting on its debt.
Brent crude futures rose by 26 cents, or 0.34 per cent, to $76.67 a barrel by 0015 GMT. US crude futures rose 28 cents to $72.84.
Latest US data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates which can have the knock-on effect of reducing oil demand. Rising global interest rates have weighed on oil prices in recent months, with traders concerned about recession.
