Oil prices rose in early Asian trading on Thursday, after the impact of strong fuel demand in the United States outweighed fears that the world's most oil-producing and consuming country might default on its debt.
Brent crude futures rose 63 cents, or 0.82%, to $77.04 a barrel. U.S. crude futures rose 57 cents to $73.13.
The latest U.S. data showed consumer prices rising in April, raising the likelihood that the Federal Reserve will keep interest rates high, which could reduce oil demand. High global interest rates have put pressure on oil prices in recent months, with traders worried about a recession.
Source (Al-Arabiya.net Website, Edited)
