Inflation data, strong demand raise oil prices to two-year highs By Andres Guerra Luz on 6/10/2021 (Bloomberg) --Oil rose to the highest settle in over two years, drawing support from higher-than-forecast U.S. inflation data and a strong demand outlook. Futures in New York rebounded from a plunge of as much as 1.8% earlier on Thursday that followed reporting of U.S. removing sanctions on a former Iranian oil official. Crude found support with U.S. consumer prices in May topping forecasts, extending a months-long buildup in inflation that is seen helping spur more interest in alternative assets like commodities to find yield. At the same time, oilâs market structure strengthened amid recovering demand and signs global supplies may be less than expected.