Economic Data is Driving Oil Price Movements

Crude oil prices were set for a weekly decline despite earlier gains made largely on the back of economic data. The latest update that caused the benchmarks to climb higher was U.S. inflation data, which showed a monthly decline for June—the first in four years. On an annual basis, however, inflation was up by 3%. The news of the monthly decline supported prices, with Brent regaining territory to top $85 per barrel after it slipped below this level earlier in the week on CPI data from China where the decline in consumer prices was seen by…