April 19, 2018 / 9:01 AM / 10 months ago

Market gauge of long-term euro zone inflation expectations at 5-week high

LONDON, April 19 (Reuters) - A key market gauge of long-term inflation expectations in the euro zone rose to its highest level in five weeks on Thursday, as higher oil prices boosts the outlook for a pick up in price pressures.

The five-year, five-year, breakeven forward rate — a measure closely tracked by the European Central Bank — rose to around 1.7 percent, up from a low of around 1.67 percent earlier this month.

Oil prices rose on Thursday rose to their highest since late 2014 as U.S. crude inventories declined and top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies. (Reporting by Fanny Potkin; Editing by Dhara Ranasinghe)

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