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Oil is on course to halt two consecutive week dips

26 Apr,2024
Oil is on course to halt two consecutive week dips

Oil prices advanced on Friday, on course to wrap up this week with an edged up following two consecutive weeks of slumps, following the US official that conveyed bolstered hopes on economic advance, the tick up in prices came also from the persistent supply worries due to disruptions in the Middle East.

Brent crude ticked up by 0.4% to $89.32 per barrel while U.S. West Texas Intermediate crude futures advanced by 0.3% to $83.80 per barrel.

Brent has added 2.3% till now during the week, while WTI rose by 0.8%.

Despite slower than projected quarterly results, U.S. economic growth was probably more robust than indicated.

Data revealed that the economic growth weakened in Q1, and before Yellen’s remarks, oil prices had been affected widely from the advance in inflation as investors predicted that Fed will not likely implement any reductions in interest rates prior September.

For the supply aspect, prices were supported also by the ongoing geopolitical disruptions in the Middle East as Irael launched a strike on Rafah.

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