Brent oil hovers above $80 as U.S inflation eases

and registered their smallest annual increase in more than two years as inflation continued to subside.

Oil prices have rallied by around 12% in two weeks, primarily in response to supply cuts from top producers Saudi Arabia and Russia, said Craig Erlam, senior market analyst at OANDA. Brent crude futures were up 20 cents to $80.31 per barrel by 1135 GMT, while U.S. West Texas Intermediate crude futures were up 11 cents at $75.86.and that OPEC could be succeeding in its mission to support the market.

In the latest insights on the supply-demand balance, a report by the International Energy Agency on Thursday predicted oil demand would hit

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Oil rises as US inflation coolsOil benchmark Brent futures breached $80 a barrel for the first time since May on Wednesday after U.S. inflation data suggested the interest rate hike cycle in the world's biggest economy is set to finally cool.
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