International crude oil prices rose on May 13, boosted by temporary US-China tariff relief and US inflation data that exceeded expectations.

The US Department of Labor’s latest Consumer Price Index (CPI) reported a year-over-year increase of 2.3%, the lowest in four years, prompting several Wall Street institutions to lower their US recession forecasts for the coming months.

West Texas Intermediate (WTI) crude for June delivery increased by US$1.72 (2.78%), reaching US$63.67/barrel on the New York Mercantile Exchange. Brent crude for the July delivery rose by US$1.67 (2.57%), settling at US$66.63/barrel.