Oil prices rose on Friday amid signs of easing inflationary pressures in the United States, the world’s largest oil consumer, but were set for a weekly decline.
By 0300 GMT, Brent crude futures were up 33 cents, or 0.4%, at $85.73 a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6 percent, to $83.08 a barrel. Both contracts have risen in the previous two sessions but are on track for a weekly loss.
Brent crude futures are set to fall about 1% on the week after four weeks of gains.
West Texas Intermediate crude futures were broadly flat on the week and are expected to fall just 0.1%.
Investor confidence was boosted by data on Thursday showing U.S. consumer prices fell in June, boosting hopes the Federal Reserve will cut interest rates soon.
Lower interest rates usually boost economic growth, which helps fuel consumption. However, the market is still waiting for clearer signals to build on. Prices were also supported by signs of strong fuel demand during the summer in the United States.
