SINGAPORE, July 13 (Reuters) - Oil prices climbed on Thursday after U.S. inflation and economic data sparked hopes that the Federal Reserve may have fewer interest rate hikes in store and Chinese trade figures showed monthly oil imports were the second-highest on record in June.
Brent crude futures gained 21 cents, or 0.3%, to $80.32 per barrel by 0630 GMT, while U.S. West Texas Intermediate crude futures were up 13 cents, or 0.2%, at $75.88.
U.S. data on Wednesday showed consumer prices rose modestly in June, registering the smallest annual increase in more than two years.
Markets expect one more interest rate rise, but oil traders hope that may be it because higher rates can slow economic growth and reduce oil demand.
Crude oil imports for January-June were up 11.7% at 282.1 million metric tons, while refined oil products exports for January-June were up 44.7% at 31.31 million metric tons, customs data showed.
Persons:
Jun Rong, Yeap, Phil Flynn, Jeslyn Lerh, Laura Sanicola, Jamie Freed, Jacqueline Wong
Organizations:
Federal, Brent, U.S, West Texas, IG, Administration, Customs, U.S . Energy, Price Futures, Thomson
Locations:
SINGAPORE, U.S, Singapore, Washington