Oil Gains With Rising Inflation Boosting Appeal of Commodities
- May consumer price gauge in the U.S. rises more than forecast
- WTI crude futures settle at highest since October of 2018
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Oil rose to the highest settle in over two years, drawing support from higher-than-forecast U.S. inflation data and a strong demand outlook.
Futures in New York rebounded from a plunge of as much as 1.8% earlier on Thursday that followed reporting of U.S. removing sanctions on a former Iranian oil official.