Oil Prices Plummet Amid Easing Inflation Worries

The price of Brent crude oil fell by 2.5% to $86.75 per barrel, easing concerns about inflation and boosting fuel-intensive companies.

U.S. stocks rose on August 13, with the S&P 500 nearing a record high after a report showed wholesale inflation slowed to 4.7% in July from 5.5% in June.

The decrease in oil prices comes after recent sharp swings between $72 and $102 per barrel as hopes rise and fall for a deal that would allow oil tankers to freely exit the Middle East.