Oil prices edged up slightly on Friday, boosted by worries about geopolitical tensions but still under pressure from U.S. data showing inflation rose moderately in March, dampening hopes the Federal Reserve would cut interest rates soon.
Oil prices rose on Friday, on track to end higher this week following two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and U.S. inflation rose moderately in March in line with expectations.
Hedge funds trimmed bets on Brent and West Texas Intermediate crude as a relatively quiet week in the Middle East and weak US economic data weigh on prices.
Oil gained in possible position adjustment in the early Asian session. With no supply disruptions, however, the focus has shifted to increasingly bearish near-term fundamentals, Citi said.
Oil prices settled higher on Thursday on worries of supply disruptions in Middle East supply as Israel stepped up airstrikes on Gaza's Rafah and on the U.S. Treasury secretary's comments that the economy was performing well.
Oil prices could rise to $102 per barrel if a major conflict in the Middle East breaks out involving one or more oil producers, according to the World Bank.
Oil prices were steady on Thursday as concern about fuel demand after slower-than-expected U.S. economic growth was offset by worries of supply disruptions as Israel stepped up airstrikes on Gaza's Rafah.
GMT, Light Crude Oil Futures are trading $83.72, up $0.15 or +0.18%. Treasury Secretary Janet Yellen’s statements to Reuters on Thursday provided a significant boost. Yellen hinted at a possible upward revision of U.
Crude oil prices rebounded, reaching their highest levels in over a week, as short-sellers tried to close out positions and Janet Yellen's optimistic views of the U.S. economy.