WASHINGTON (dpa-AFX) - Crude oil futures were flat Thursday, holding most of their recent gains after subdued U.S. inflation data.
A break in the war of words between the U.S. and Iran allowed traders a chance to catch their breath after oil's strong rally earlier in the week.
WTI light sweet crude oil was down 5 cents at $71.07 a barrel at last check.
cluding food and energy prices, core consumer prices inched up by 0.1 percent in April after rising by 0.2 percent in the previous month. Core prices had been expected to rise by 0.2 percent.
Michael Pearce, Senior U.S. Economist at Capital Economics, said the smaller than expected increase in core prices suggests that the recent surge in underlying inflation is fading.
The Fed will likely raise interest rates, but at a slower pace than some most analysts have come to expect.
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