Due to U.S. inflation and economic statistics, oil prices climbed on Thursday.

Brent crude prices rose 36 cents to $80.47 a barrel as Chinese trade data showed June oil imports were the second-highest ever.

June was the lowest yearly consumer price increase in two years. Oil traders believe this will be the final interest rate hike, as higher rates limit economic growth and cut crude demand.

Oil prices are “risk-on” due to the Fed’s tightening cycle lowering price pressures.

China imported 52.06 million metric tons of petroleum in June, up 45.3% year-over-year and the second-highest monthly amount.

China’s commerce is nevertheless affected by global economic stagnation, declining trade and investment, and geopolitical risks.

U.S. oil stocks rose by over 6 million barrels, according to the EIA.

Analysts had expected gasoline stocks to plummet over the Fourth of July vacation week as holiday travelers hit the roads.