Oil settled higher as US inflation moderated, better demand outlook

International benchmarks for crude oil inched up on Friday, 30 June 2023 but experienced a fourth consecutive quarterly loss causing concern among investors that lethargic global economic activity could cripple fuel demand. 

Oil prices were up for the session following news from the US Commerce Department indicating annual inflation rose last month at its slowest pace in two years, prompting some hope for moderating inflation levels while upward revisions in demand for crude and refined products in the US offered some support as well.

Brent crude was up 56 cents or 0.8% at $74.90/barrel.

US West Texas Intermediate climbed 78 cents or 1.1% at $70.64/barrel.