Oil drilling rigs
Oil prices rose on Friday after a top US official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East.
Brent crude futures rose 0.46% to $89.42 a barrel at 8:20 am Makkah time, with a weekly gain of 2.3% so far.
Similarly, futures prices for US West Texas Intermediate (WTI) crude increased 0.43% to $83.93 per barrel, recording a weekly gain of 0.8% so far.
US gross domestic product, a broad measure of goods and services produced in the January-through-March period, increased at a 1.6% annualized pace when adjusted for seasonality and inflation, according to the department’s Bureau of Economic Analysis.
Economists surveyed by Dow Jones had been looking for an increase of 2.4% following a 3.4% gain in the fourth quarter of 2023 and 4.9% in the previous period.
Treasury Secretary Janet Yellen told Reuters that the 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.
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