Oil prices are slightly higher on Friday.
The June contract for Brent oil stands at USD 89.53 per barrel. barrel, up 0.6 percent (51 cents) since midnight and up from $87.49 a barrel. barrels when Oslo Børs closed on Thursday. WTI oil stands at 84.03 dollars per barrel. barrels, up 0.6 percent so far in today’s trade.
The increase comes after statements by US Treasury Secretary Janet Yellen in an interview with Reuters on Thursday that the US economy is in a stronger position than yesterday’s GDP figures gave the impression.
– What I focus on most is the strength in private consumption and investments. These two elements of final demand came in line with last year’s growth rate, so this is the US economy showing sustained, robust growth. The headline numbers were a bit “off”, but for reasons that are special and don’t really indicate underlying strength, she said.
Meanwhile, tensions continue in the Middle East, where Israel has stepped up airstrikes on Rafah after saying it would evacuate civilians from the town and launch an all-out assault despite warnings from allies.
On Friday, oil investors will also have their eyes on new signals about earnings and the market from Chevron and Exxon Mobil, both of which present quarterly reports.
