2024-04-26 04:28:33
Oil prices rose on Friday, on track to end the week on a higher note following two straight weeks of losses, following US Treasury Secretary Janet Yellen expressed optimism regarding economic growth amid concerns Concerns regarding supplies persist due to the conflict in the Middle East.
Around 0347 GMT, Brent futures rose 31 cents, or 0.4 percent, to $89.32 a barrel. U.S. West Texas Intermediate crude futures also rose 23 cents, or 0.3 percent, to $83.80 a barrel.
Over the week, Brent crude oil is up 2.3 percent so far, while U.S. crude is up 0.8 percent.
Yellen told Reuters on Thursday that U.S. GDP growth in the first quarter of the year might be revised upwards and inflation would fall following a set of “unusual” factors pushed the economy to its weakest performance for almost two years.
She added that U.S. economic growth would likely be stronger than indicated by weaker-than-expected quarterly data.
Data showed that economic growth slowed in the first quarter. Ahead of Yellen’s comments, followingshocks from accelerating inflation hit oil prices, with investors expecting the Federal Reserve would not cut interest rates until September.
Prices were also supported early in the session by concerns over supplies as geopolitical tensions persist in the Middle East.
And intensified Israel It launched airstrikes on Rafah following announcing it would transfer civilians from the southern Gaza city and launch a comprehensive attack, despite warnings from its allies that it might cause a large number of deaths .
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