Oil Prices Gain On Optimistic U.S. Inflation Data

Oil prices are trading up Thursday following the release of U.S. inflation data for December, showing a continued slowdown in the Consumer Price Index (CPI) climb and an annual inflation rate that was the slowest since October 2021.  The CPI-U (the price index for All Urban Consumers) declined 0.1% in December on a seasonally adjusted basis, following a 0.1% increase in November, according to the U.S Bureau of Labor Statistics (BLS). The CPI-U has increased 6.5% before season adjustment for the last 12 months; however, this was the smallest…