Oil prices rise as US official eases market concerns over economic headwinds
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Oil prices rose as US Treasury Secretary Janet Yellen stated that the US economy is likely in a stronger position than indicated by weak first-quarter data. Brent crude futures gained 34 cents to $89.35 a barrel, and US West Texas Intermediate crude futures rose by 33 cents to $83.90 a barrel. Yellen mentioned that US GDP growth for the first quarter could be revised higher after more data is available, and inflation is expected to ease to more normal levels. The rise in oil prices was also influenced by geopolitical tensions in the Middle East, as Israel stepped up airstrikes on Rafah despite warnings of mass casualties.
#OilPrices #UsEconomy #EconomicHeadwinds #BrentCrudeFutures #WestTexasIntermediateCrudeFutures #JanetYellen #Inflation #GeopoliticalTensions #MiddleEast
https://m.economictimes.com/markets/commodities/news/oil-prices-rise-as-us-official-eases-market-concerns-over-economic-headwinds/articleshow/109608716.cms
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