Oil ticked up further on Friday following the minutes of Fed’s December meeting that indicated that the inflation is tamed and as it was announced that the US Secretary of State is ready to drop a visit to the Middle East in an attempt to control the escalation of the dispute between Gaza and Israel.

Brent crude rose by 0.4% to $77.90 per barrel, meanwhile US WTI advanced by 0.6% to $72.62 per barrel.

Both are expected to close the first week of 2024 higher, have almost recovered all of their losses from Thursday, when large weekly gains in gasoline and distillate stocks caused prices to settle lower after a bumpy session.

The Fed meeting minutes did not reveal any specific dates for interest rate reductions, but they did indicate an increasing sense of confidence that the inflation is tamed and a mounting worry about the probable risks of unduly restrictive monetary policy.

Reduced borrowing costs for consumers due to lower interest rates can stimulate economic growth and increase oil demand.