Crude prices gain on Middle East tension despite Dollar strength
On the other hand, the stronger US dollar exerted some pressure on the market, limiting the gains during the session.
Oil prices edged higher on Friday, buoyed by escalating tensions in the Middle East. However, hopes for a Federal Reserve interest rate cut were dampened by higher-than-expected inflation data.
Inflation in the United States rose 2.7% in March, which was still much higher than the FED’s target of 2%.
On the other hand, the stronger US dollar exerted some pressure on the market, limiting the gains during the session.
Brent futures increased by 49 cents or 0.55% to settle at $89.50/barrel.
WTI rose by 28 cents or 0.34% to settle at $83.85/barrel.