Oil higher on supply concerns
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Oil prices settled higher on Friday, with Brent crude futures settling up 49 cents, or 0.55%, to $89.50 a barrel, and US West Texas Intermediate crude futures settling up 28 cents, or 0.34%, to $83.85 a barrel. Supply concerns supported prices as tensions continue in the Middle East. Benjamin Netanyahu, Israel’s prime minister, said any rulings by the International Criminal Court would not affect Israel’s actions but would “set a dangerous precedent.” Israel’s military said it struck in Lebanon’s West Beqaa District and killed a militant who advanced attacks against Israel. The strong dollar and US inflation data quashed hopes that the Federal Reserve would cut interest rates soon. In the 12 months through March, US inflation rose 2.7%. The US central bank is expected to leave rates unchanged at its policy meeting next week. US Treasury Secretary Janet Yellen said US GDP growth for the first quarter could be revised higher, and inflation will ease after a clutch of “peculiar” factors held the economy to its weakest showing in nearly two years. Oil prices have flip-flopped since Yellen’s comments and the release of the inflation data on Friday. The dollar soared to a fresh 34-year high against the yen on Friday, bolstered in part by the US inflation data.

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