Mumbai, 26 April (CommoditiesControl): Crude oil prices inched higher early Friday, signaling an end to a two-week losing streak, buoyed by optimism surrounding the growth prospects of the U.S. economy. Brent crude rose to 0.44% marking an high of US$88.35 per barrel, while West Texas Intermediate crude climbed 0.47% to mark an high of $84.17 per barrel.
U.S. Treasury Secretary Janet Yellen's remarks about the potential upward revision of U.S. gross domestic product growth for the first quarter and expectations of easing inflation provided additional support to the market sentiment. Despite weaker-than-expected quarterly data, Yellen expressed confidence in the underlying strength of the U.S. economy.
Supply concerns persisted due to ongoing conflict in the Middle East, with Israel intensifying airstrikes on Rafah despite warnings from allies. WTI crude futures approached $84 per barrel, poised to gain about 2% for the week, supported by an optimistic demand outlook and ongoing supply risks linked to geopolitical tensions in the region.
In parallel, MCX crude oil witnessed a 1.16% surge, trading at 6991, albeit facing a resistance at the crucial 7000 level. Sustaining above this level could pave the way for further upside momentum, with the next target seen at 7050. On the downside, key support levels are identified at 6853 and 6795.
The market continues to monitor geopolitical developments in the Middle East closely, with the situation in Gaza remaining a focal point. Israel's persistent airstrikes, despite international warnings, underscored the ongoing volatility in the region, adding to the uncertainties surrounding global crude oil markets.
(By Commoditiescontrol Bureau; +91-9820130172)
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