Oil prices hold firm as crude inventories fall and U.S. inflation eases

Oil prices hold firm as crude inventories fall and U.S. inflation eases

  • U.S. crude stockpiles declined by 2.5 million barrels last week as refiners processed more crude in a sign that demand might be perking up.

Oil prices held firm Thursday as stockpiles in the U.S. fell for a second week and inflation eased.

U.S. crude stockpiles declined by 2.5 million barrels last week as refiners processed more crude in a sign that demand might be perking up.

With inflation easing slightly in April, futures traders penciled in a higher probability that the Federal Reserve might cut interest rates in September. Lower interest rates help stimulate the economy which can boost crude oil demand.

West Texas Intermediate and Brent are little changed on the week, but have lost 4% and 5.8%, respectively, this month.

Here are today's energy prices:

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