Oil prices rise on expectation of strong global demand and possible Fed interest rate cut

Consumer Prices , Rose 0.4% in February. The Bureau of Labor Statistics released its latest data on March 12. In February 2024, prices rose 0.4% compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI). The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports. . The index for housing rent rose 0.5% in February. Gas prices rose 3.8%. While food prices held steady for the month, they increased 2.2% year-over-year. The Federal Reserve will use the latest data to help determine its position on interest rates on March 20. . Experts predict that rates will remain unchanged for the time being. The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports. . Fed Chair Jerome Powell recently said that while interest rates will likely be cut "at some point this year," "a little bit more data" is needed.