Crude Oil Prices Climb Amid Falling US Stockpiles and Inflation Easing

US crude inventories drop by 3.4 million barrels, boosting market optimism for Federal Reserve rate cuts.

Benchmark US crude oil for August delivery rose to $82.62 per barrel, while Brent crude for September delivery increased to $85.40 per barrel.
Gasoline and heating oil prices saw minor changes, with gasoline up 2 cents to $2.52 a gallon and heating oil steady at $2.52 a gallon.
Gold and silver prices also increased, with gold rising to $2,421.90 per ounce and silver to $31.67 per ounce.
The drop in US crude stockpiles and easing inflation have fueled hopes for a potential Federal Reserve rate cut later this year.
OPEC and IEA have differing outlooks on global oil demand growth, with OPEC projecting stronger growth than the IEA.