Oil prices rose on Thursday supported by increased fuel demand in the US and despite concerns about the possibility of a default on US debt. Brent crude futures went up by 0.34% to $76.67 a barrel and US crude futures increased by 0.39% to reach $72.84. US data from April showed a boost in consumer prices, reinforcing the Federal Reserve’s potential to maintain higher interest rates. Although global interest rates have impacted oil prices, fuel demand in the US continues to show signs of strength. However, the standoff on government spending cuts remains a concern for investors.
