Brent crude futures were up 45 cents, or 0.5%, at $99.97 a barrel early this morning. US West Texas Intermediate crude gained 44 cents, or 0.5%, to $95.27.
A further concern is that US interest rate rises will push up the dollar, also undermining oil prices. Oil is generally priced in US dollars, so a stronger greenback makes the commodity more expensive to holders of other currencies, putting downward pressure on demand. Economists polled by Reuters expect the figures to show that US inflation has accelerated, to 1.1% monthly and 8.8% annually.
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