Ammon News - Oil prices rose on Thursday, supported by optimism that potential U.S. interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains.

Brent crude futures rose 19 cents, or 0.24%, to $79.95 a barrel by 0625 GMT, recovering some of the previous day's losses. U.S. West Texas Intermediate crude futures increased by 23 cents, or 0.3%, to $77.21 per barrel.

Both benchmarks fell more than 1% on Wednesday after U.S. crude inventories rose unexpectedly and on easing worries about a wider Middle East conflict.
U.S. consumer prices rose moderately in July and the annual increase in inflation slowed to below 3% for the first time in nearly 3-1/2 years, reinforcing expectations the Federal Reserve will cut interest rates next month.

Reuters