WASHINGTON (dpa-AFX) - Oil prices traded higher on Friday despite concerns around inflation and fears of aggressive Fed rate hikes.
Benchmark Brent crude futures were up 0.4 percent at $91.74 in choppy trade, while U.S. West Texas Intermediate crude futures were up half a percent at $90.35.
Tight oil supply has given impetus to booming energy markets. OPEC, the crude oil exporters' group, maintained its outlook for oil demand in 2022 but said there is an 'upside potential to the forecast', citing an ongoing observed strong recovery from the coronavirus pandemic.
'In most European countries, lockdowns and other restrictions are easing. Similarly, in the US, the Covid-19 pandemic has been well contained through vaccinations and other containment measures,' OPEC said.
EIA data showed earlier this week that U.S. crude oil stockpiles unexpectedly fell 4.8 million barrels in the week to Feb. 4 as overall refined product demand reached an all-time record.
Meanwhile, investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply.
White House spokeswoman Jen Psaki said the talks have 'reached an urgent point,' and that a 'deal that addresses the core concerns of all sides is in sight.'
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