Gauge of long-term euro zone inflation highest since June

October 6, 2016 6:34 AM EDT

Flags are reflected in a window at the European Council building, a day before an E.U. heads of state summit in Brussels March 12, 2008. REUTERS/Thierry Roge

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LONDON (Reuters) - A key market measure of long-term inflation expectations in the euro zone rose on Thursday to its highest level since June, following a surge in oil price to near four-month peaks.

Oil prices were in sight of a 2016 high on Thursday after U.S. data showed a drop in crude stockpiles, confounding expectations for an increase and easing oversupply fears.

The five-year, five-year breakeven forward, a market measure of the euro zone's long-term inflation expectations tracked by the European Central Bank, rose above 1.38 percent , its highest level since June 23.

(Reporting by Dhara Ranasinghe; Editing by John Geddie)

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