Oil prices rose on Friday, on track to end the week on the rise, following two straight weeks of high-end losses.
Brent crude futures were up 31 cents, or 0.4%, at $89.32 a barrel at 03:47 GMT, and WTI crude futures were up 23 cents, or 0.3%, at $83.80 a barrel.
Weekly basis, Brent has gained 2.3% while WTI has gained 0.8%.
US economic growth is likely stronger than suggested by weaker-than-expected quarterly data, Treasury Secretary Janet Yellen said. In contrast, US first-quarter GDP growth could be revised higher and inflation would fall after “bizarre” factors kept the economy at its weakest outlook in nearly two years.
Data showed that economic growth slowed in the first quarter. Before Yellen’s statements, the tremors of the acceleration in inflation had put pressure on oil prices as investors calculated that the Fed would not cut interest rates before September.
On the other hand, supply concerns arising from the continuation of geopolitical tensions in the Middle East also increased prices at the beginning of the session.
Israel stepped up airstrikes on Rafah after saying it would evacuate civilians from southern Gaza and launch an all-out offensive despite warnings from its allies.
