The price of Brent crude, a key measure of global oil supply, was selling near $110 per barrel, well off its high of $130 earlier this week but well over its range just a month ago. In the U.S., inflation accelerated in February to a fresh four-decade high, signaling supply and demand imbalances were little improved amid soaring gas prices. The Consumer Price Index rose 7.9% over the past 12 months, the fastest since 1982, the U.S. Labor Department’s Bureau of Labor Statistics reported Thursday.

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