WASHINGTON (dpa-AFX) - Oil prices traded higher on Friday and were on track to snap a two-week losing streak amid persistent geopolitical unrest in the Middle East and signs of tightness in global oil markets.
Benchmark Brent crude futures rose 0.3 percent to $89.29 a barrel, while WTI crude futures were up 0.4 percent at $83.92.
Geopolitical tensions persist, with reports suggesting that Israel will soon begin evacuating civilians from Rafah ahead of a planned ground attack on Gaza's southernmost city.
The World Bank has warned that an escalation in the Middle East might push oil prices beyond $100 a barrel.
Data showed earlier in the week that overall U.S. inventories shrank more than expected in the past week, indicating some tightness in global oil markets.
There is also some optimism on the demand side after U.S. Treasury Secretary Janet Yellen reportedly said the U.S. economy is 'firing on all cylinders' and inflation is on a path toward a more normal level.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX