Oil prices rose today for the second day with Brent settling above $85/bbl as hopes for US interest rate cuts rose after an expected slowdown in inflation. Slowing inflation and interest rate cuts will likely spur more economic activity, Growmark Energy analysts said. Fed Chair Jerome Powell acknowledged the recent improving trend in price pressures, but told lawmakers more data was needed to strengthen the case for rate cut. Front-month U.S. crude futures recorded their steepest premium to the next-month contract since April. Market participants’ willingness to pay premiums for earlier delivery dates, a structure known as backwardation, is typically a sign of supply tightness. WTI traded up $.52 or .6% to close at $82.62. Brent traded up $.32 or .4% to close at $85.40.