Oil Prices Edge Up on US Economic Optimism

Crude oil prices saw a slight increase early Friday, positioning themselves to break a two-week losing streak, fueled by renewed optimism about the US economic outlook. US Treasury Secretary Janet Yellen indicated that the US gross domestic product (GDP) growth for the first quarter might be revised upwards, suggesting a stronger economic performance than initially reported. Additionally, Yellen mentioned that inflation is expected to decline, according to Reuters.

Furthermore, supply concerns persisted due to ongoing conflicts in the Middle East. Notably, despite warnings from allies about the potential for mass civilian casualties, Israel intensified its air strikes on Rafah, as reported by Reuters. These geopolitical tensions continue to play a significant role in influencing global oil markets.