Oil prices were higher today as the dollar slid today after US retail sales fell more than expected. Retail sales dropped 0.8% last month, the Commerce Department’s Census Bureau said on Thursday. Data for December was revised lower to show sales rising 0.4% instead of 0.6%, as previously reported. The data prompted optimism around interest rate cuts from the Federal Reserve going forward, which could be positive for oil demand.” Rate cuts are back on the table and that’s giving us a bit of a boost,” said Phil Flynn, an analyst at Price Futures Group. Further oil price gains were limited, though, by an IEA report on Thursday which said that global oil demand is losing momentum, prompting the agency to trim its 2024 growth forecast to 1.22 million bpd from 1.24 million bpd. WTI traded up $1.39 or 1.8% to close at $78.02. Brent traded up $1.26 or 1.5% to close at $82.86.