Oil prices rose today as strong data on US fuel consumption and an expected decline in Russian supplies late in the year offset fears of an imminent recession that could dampen demand.
Reuters reported that Brent crude futures rose $1.43, or 1.5 percent, to $95.08 a barrel, and US crude futures rose $1.15, or 1.3 percent, to $89.26 a barrel.
Crude prices were supported by data from the US Energy Information Administration, which showed a decline in US inventories by 7.1 million barrels in the week ending on August 12, compared to expectations for a decrease of 275,000 barrels, while exports reached five million barrels per day, the highest level ever.
Consumer price inflation in Britain jumped to 10.1 percent in July, the highest level since February 1982.
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