Oil Edges Up as US inflation Data Raises Rate Cut Hopes

OIL PRICE - LONDON. Oil prices rose on Thursday with the Brent benchmark holding above $85 a barrel, as hopes rose for rate cuts in the United States after data showed a slowdown in inflation.

Brent futures were up 27 cents, or 0.3%, to $85.35 a barrel by 1305 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose 29 cents, or 0.4%, to $82.39.