Oil Prices Rise on Optimistic Economic Growth and Supply Concerns in the Middle East

Oil prices rose during trading on Friday, heading towards the end of the week on the rise, after losses that continued for two consecutive weeks.

The increase was supported by reports US Treasury Secretary Janet Yellen, when she expressed her optimism about economic growth in the United States, as well as continued worries about supplies due to the strong conflict in the Middle East.

By 03:47 GMT, Brent crude futures rose 31 cents (0.4 percent) to $89.32 a barrel, while US West Texas Intermediate crude futures rose 23 cents, or 0.3 percent, to $83.80 a barrel ..

Over the week, Brent crude has added 2.3 percent year-to-date, while US crude is up 0.8 percent.

Yesterday, Thursday, Yellen said that US GDP growth in the first quarter of the year could be revised upwards, and that inflation will decrease due to a group of factors that pushed the economy forward to ‘ recording its weakest performance in almost two years..

She emphasized that US economic growth is stronger than indicated by the weaker-than-expected quarterly data, Yellen’s comments came after statistics showed a slowdown in economic growth in the United States in the first quarter.

Prices also received support early in the session due to supply concerns and continued geopolitical tensions in the Middle East, as Israel stepped up its airstrikes on Rafah, proving it wanted to carry civilians from the city in preparation for the launch of a comprehensive exhibition. attack, despite warnings from his friends that this could cause a large number of deaths.

Gold is going to record a weekly loss

I settled down gold prices Today, Friday, while markets await the release of the inflation report in the United States, the yellow metal is nevertheless headed for its first weekly loss in six weeks to record, with fears waning about the expansion of the conflict in the Middle East..

Spot gold rose 0.1 percent to $2,334.57 an ounce by 04:09 GMT, while US gold futures rose 0.2 percent to $2,346.70 an ounce..

At the weekly level, prices fell by 2.3 percent, going on to record the biggest weekly decline since early December last year after avoiding an increase in the conflict between Iran and Israel, when it reached $2,431.29 per ounce..

Recently recommendations from officials from the Federal Reserve (US Central Bank) influenced the markets not to rush to lower interest rates., High interest reduces the attractiveness of investing in gold that does not generate returns.