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Crude prices gain on Middle East tension despite Dollar strengthOn the other hand, the stronger US dollar exerted some pressure on the market, limiting the gains during the session. |
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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.
