Oil prices rise, head for fourth straight weekly gain

Oil drilling rig

Oil prices rose today, July 21, heading for the fourth straight weekly gain amid forecasts that the Federal Reserve would stop raising the interest rates soon.

The recent US inflation data reinforced investors' expectations that the Fed's interest-rate hike this month will be the last in the current monetary tightening cycle, as the interest-rate hike would lead to slowing economic growth and reducing oil demand.

Brent crude for September delivery increased 0.89%, or $0.71, to $80.35 a barrel at 8:02 am Makkah time.

Meanwhile, WTI contracts for August delivery rose 0.9%, or $0.68, to $76.33 a barrel.