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Oil Prices Rise amid Economic Optimism and Supply Concerns in Middle East

Oil prices saw a boost on Friday, heading towards a positive weekly close after enduring two consecutive weeks of decline. This uptick came in light of encouraging remarks from a top U.S. official regarding economic growth. Additionally, lingering supply concerns stemming from conflicts in the Middle East continued to support the upward momentum in prices.

Brent crude futures surged by 47 cents, representing a 0.5% increase, reaching $89.48 per barrel at 0640 GMT. Simultaneously, U.S. West Texas Intermediate crude futures also climbed by 44 cents to $84.01 per barrel, marking a similar 0.5% rise.

Despite market fluctuations, Brent has managed to secure a 2.4% gain for the week so far, while WTI has seen a more modest increase of 0.9%.

Turning towards U.S. Treasury Secretary Janet Yellen’s comments, she expressed optimism surrounding the potential revision of higher U.S. GDP growth figures for the first quarter. Yellen also hinted at a forthcoming dip in inflation levels following an array of unusual factors that hindered the economy’s performance, making it the slowest in almost two years.

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As economic growth data from the first quarter painted a mixed picture, investors grappled with uncertainties surrounding inflation rates and the Federal Reserve’s interest rate policies. These factors exerted pressure on oil prices until Yellen’s reassurances regarding stronger economic growth helped alleviate some anxieties.

Amidst ongoing tensions in the Middle East, particularly in Israel and Gaza, supply concerns persisted and lent support to oil prices during the trading session. Israel’s military actions in Rafah raised alarm globally, with allies cautioning against the risk of significant civilian casualties.

Conclusion

Overall, the combination of economic optimism, supply uncertainties, and geopolitical tensions contributed to the fluctuating dynamics within the oil market. As the week unfolds, stakeholders will continue to monitor developments closely to gauge the impact on global energy prices.

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