Oil prices are heading to end a two-week losing streak

Oil prices rose on Friday, poised to conclude the week with gains after two consecutive weeks of losses, following optimistic remarks from US Treasury Secretary Janet Yellen regarding economic growth. Meanwhile, concerns over supply persisted amid the ongoing conflict in the Middle East.

As of 0347 GMT, Brent crude futures climbed by 31 cents, or 0.4 percent, reaching $89.32 per barrel. Similarly, US West Texas Intermediate crude futures advanced by 23 cents, or 0.3 percent, to $83.80 per barrel.

Throughout the week, Brent crude has surged by 2.3 percent, while US crude has seen a rise of 0.8 percent.

Yellen’s positive outlook on US economic growth, despite weaker-than-expected quarterly data, contributed to the market sentiment. Investors had been grappling with concerns over accelerating inflation, which previously impacted oil prices amid expectations that the Federal Reserve would delay interest rate cuts until September.

Additionally, oil prices received early support in the session from supply concerns stemming from ongoing geopolitical tensions in the Middle East. Israel’s escalation of airstrikes on Rafah, following plans to evacuate civilians from the city south of Gaza and launch a comprehensive attack, heightened apprehensions, despite warnings from allies about potential casualties.