U.S. consumer prices posted the smallest monthly gain in more than a year on Tuesday, indicating the worst of inflation has likely passed and sparking hopes the central bank will ease the pace of its interest rate rises. West Texas Intermediate futures climbed 1.1 per cent to above $76 a barrel.
“Positioning is now much less distorted than it has been for a while, and hence, perhaps for the first time in six months, short-term risk-reward is now skewed toward higher prices,” Standard Chartered analysts including Emily Ashford wrote in a report.
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