Oil Prices Soar as Traders Eye US CPI Report for Inflation Clues

The recent surge in oil benchmarks has pushed prices north of $100 as traders closely watch today's US CPI report.

The European Central Bank's decision to leave the door open for further policy tightening due to 'highly uncertain' inflationary pressures led to a decline in the EUR, according to an accompanying rate statement.

US August PPI inflation came in at 5.4% on a year-over-year (YY) basis, beating the 5.3% consensus and the upwardly revised 4.8% reading in July.

The core measures, excluding food and energy, showed a YY headline increase of 4.6%, in line with expectations, while the month-over-month (MM) measure remained unchanged at 0.2%.