Oil rises amid rising inflation, energy costs

Oil climbed up on Thursday in Asia as U.S. inflation continued to rise in tandem with increasing energy costs. The soaring inflation could trigger the release of more strategic crude stockpiles to pare down prices.

Brent oil futures edged up 0.23% to $82.83 per barrel by 10:37 PM ET (3:37 AM GMT), while the U.S. West Texas Intermediate futures jumped 0.26% to $81.55 per barrel.

Both benchmark contracts declined during the previous day after official data revealed that U.S. inflation rose at its fastest rate in 30 years.

Meanwhile, the consumer price index (CPI) rose 6.2% year on year and 0.9% month on month, while the core CPI grew 4.6% year on year and 0.6% month on month in October.

U.S. President Joe Biden has tasked the National Economic Council to look for ways to decrease energy costs and the Federal Trade Commission to fight market manipulation in the energy sector to drive back inflation. Biden’s efforts could include releasing additional supplies from the U.S. Strategic Petroleum Reserve.