Futures & Commodities

Crude oil prices end higher, breaking two-week decline streak in the market.

Oil Prices Rise after Breaking Two-Week Losing Streak

Oil prices settled higher on Friday, ending a two-week losing streak despite the strong dollar. Geopolitical tensions continued to support prices amid in-line inflation data.

PCE Inflation Aligns with Expectations

The dollar strengthened as PCE inflation rose by 0.3% last month, hitting a 12-month figure of 2.7%, slightly above economists’ estimates of 2.6%.

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Baker Hughes Rig Count Declines

Energy services firm Baker Hughes reported a decrease in the number of oil rigs operating in the U.S., falling to 506 from 511, the biggest decrease since November.

Middle East Tensions and Oil Prices

Data suggesting a decrease in overall U.S. crude inventories, combined with concerns over disruptions in Middle East supplies, contributed to the recent rise in oil prices.

Despite ongoing conflicts in the Middle East, particularly between Israel and Hamas, oil prices have been trading below their five-month highs from earlier in April, as traders reassess the risks in the region.

This article was contributed by Peter Nurse and Ambar Warrick.

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