Oil prices rose on Friday after Federal Reserve meeting minutes indicated that inflation was under control as US Secretary of State Antony Blinken prepared for a tour of the Middle East to prevent escalation in the conflict between Israel and Gaza.<\/p>\n\n\n\n
By 0229 GMT, Brent crude futures rose 37 cents, or 0.5 percent, to $77.96 per barrel. US West Texas Intermediate crude futures increased 50 cents, equivalent to 0.7 percent, to $72.69.<\/p>\n\n\n\n
The two benchmark crude oils recovered almost all of the losses they incurred on Thursday, when settlement prices recorded a decline after a volatile session due to a large weekly increase in gasoline and distillate stocks. Both prices are heading to end the first week of the year on the rise.<\/p>\n\n\n\n
The minutes of the US Central Bank meeting did not provide direct indications about when interest rate cuts might begin, but the discussions showed a growing feeling that inflation is under control and growing concern about the risks of \u201cexcessive tightening\u201d of monetary policy on the economy.<\/p>\n\n\n\n
Lower interest rates reduce consumer borrowing costs, which may boost economic growth and demand for oil.<\/p>\n\n\n\n
Concerns about supplies increased due to developments in the Middle East, as the Israeli Defense Minister said on Thursday that the forces intend to follow a new, more targeted approach in the northern part of the Gaza Strip and continue to pursue the leaders of the Palestinian Islamic Resistance Movement (Hamas) in the south.<\/p>\n\n\n\n
The US State Department said that Secretary Blinken will head to the Middle East to make diplomatic efforts over a week with the aim of preventing the conflict from expanding.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Friday after Federal Reserve meeting minutes indicated that inflation was under control as US Secretary of State Antony Blinken prepared for a tour of the Middle East to prevent escalation in the conflict between Israel and Gaza. By 0229 GMT, Brent crude futures rose 37 cents, or 0.5 percent, to $77.96 …<\/p>\n","protected":false},"author":9,"featured_media":61009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[10566,6846,7004,6875],"class_list":["post-94998","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-manufacturing-activity","tag-oil","tag-opec-2","tag-russia"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/94998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=94998"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/94998\/revisions"}],"predecessor-version":[{"id":94999,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/94998\/revisions\/94999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61009"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=94998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=94998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=94998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}