Oil prices rose moderately after U.S. Treasury Secretary Janet Yellen expressed optimism about economic growth and concerns about conflicts in the Middle East. This is reported by Reuters, UNN writes.
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Brent crude oil futures rose 31 cents, or 0.4%, to $89.32 per barrel. Futures for US West Texas Intermediate crude rose 23 cents, or 0.3%, to $83.80 per barrel.Over the week, Brent crude rose 2.3% and WTI rose 0.8%.
Treasury Secretary Janet Yellen told the publication that US GDP growth in the first quarter may be revised upward and inflation will decline after a number of "specific" factors led to the weakest economic growth in almost two years.
According to her, the US economic growth was probably stronger than anticipated by the weaker quarterly data.
Data showed that economic growth slowed in the first quarter, and prior to Yellen's comments, oil prices were pressured by fears of accelerating inflation as investors believed that the Federal Reserve would not cut interest rates until September.At the same time, supply concerns over geopolitical tensions in the Middle East also contributed to price gains early in the session.
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