New Delhi, Feb. 29 -- Oil prices were little changed on Thursday, February 29, as January US inflation data reinforced expectations for a rate cut in June. US prices picked up in January, but the annual increase in inflation was the smallest in nearly three years, keeping an interest rate cut from the Federal Reserve on the table.

Brent crude futures for April were down two cents at $83.66 a barrel. The April contract expires on Thursday and the more active May contract was up two cents at $82.17. US West Texas Intermediate crude futures rose 25 cents to $78.79. Brent has hovered comfortably above the $80 mark for three weeks, with the Middle East conflict having only a modest impact on crude flows.

The Federal Reserve's preferred infla...