WASHINGTON (dpa-AFX) - Oil prices rose on Friday and were on track for a weekly gain as signs of a weakening U.S. labor market supported the case for Federal Reserve rate cuts later this year.
A weaker dollar hopes over Chinese economic recovery and continuing tensions in the Middle East also lifted prices.
Benchmark Brent crude futures rose half a percent to $84.31 a barrel, while WTI crude futures were up 0.6 percent at $79.76.
The dollar nursed losses ahead of key U.S. inflation data due next week that could provide additional clues on the Fed's rate trajectory.
There is optimism around Chinese economic recovery after April trade data beat estimates and two key cities of Hangzhou and Xian scrapped all restrictions on home purchases to lure buyers.
In the Middle East, Israel's attacks on Rafah continue to expand despite U.S. President Biden threatening to withhold weapons shipments.
Egypt has said Hamas and Israel must show 'flexibility' if they are to strike a deal for a ceasefire.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX