#Oil_prices rose on Friday, on track to end higher this week following two straight weeks of losses, after a top #usaofficial expressed optimism over economic growth and #usa inflation rose moderately in March in line with expectations.
#Brent_crude futures were up 60 cents, or 0.7%, to $89.61 a barrel at 1318 GMT. U.S. West Texas Intermediate crude futures were up 60 #cents, or 0.8%, to $84.23 a barrel.
#Brent has gained 2.5% so far this week, while WTI is up 1.3%.
#usa_Treasury Secretary #Janet #Yellen told Reuters on Thursday that U.S. #GDP #growth for the first quarter could be revised higher, and inflation will ease after a clutch of “peculiar” factors held the #economy to its weakest showing in nearly two years.
#usa_economic growth was likely stronger than suggested by weaker-than-expected quarterly data, she said.
U.S. inflation rose moderately in March, data released on Friday showed, in line with expectations and buttressing markets’ view that the #Federal_Reserve will likely not cut interest rates until September.
The personal consumption expenditures (#PCE) #price index increased 0.3% last month, the Commerce Department’s Bureau of Economic #Analysis said on Friday, on par with an increase the previous month.
Data on Thursday showed that economic growth slowed in the first quarter and, prior to #Yellen’s comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated the Fed would not cut #rates before September.
“Any inclination towards a rate cut before the end of the summer would now provide a dovish surprise,” said Fawad Razaqzada, market #analyst at #StoneX.
Elsewhere, supply concerns also buoyed #prices early in the session as tensions continue in the #MiddleEast.
#Israel stepped up air strikes on #Rafah after saying it would evacuate civilians from the #southern #Gazan city and #launch an all-out assault despite allies’ warnings this could cause mass casualties.
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