Crude oil prices climbed higher on Thursday as tamer-than-expected U.S. consumer price inflation and producer price inflation data raised expectations interest rates in the U.S. are very near their peak.
Oil prices retreated earlier in the session after the International Energy Agency (IEA) lowered its global oil demand forecast.
However, oil prices rallied on the Energy Information Agency's forecast that expects the Brent spot price to average $79.34 a barrel this year, and $83.51 a barrel in 2024.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.