WASHINGTON (dpa-AFX) - Crude oil prices moved higher on Friday, snapping a four-day losing streak, despite concerns about the outlook for demand amid rising possibility of the Federal Reserve holding its interest rates higher for longer.
Recent data showing an unexpected increase in crude inventories last week has raised concerns about the outlook for demand.
West Texas Intermediate crude oil futures for July ended higher by $0.85 at $77.72 a barrel. Despite today's gains WTI crude futures recorded a weekly loss of 3%.
Brent crude futures were up $0.78 or 0.96% at $82.14 a barrel a little while ago.
Hawkish comments from a slew of Federal Reserve officials prompted traders to push back the timing of first rate cut by the Fed to December.
Traders also weighed signs of a weakening physical market ahead of this weekend's Memorial Day holiday, which kicks off the U.S. peak summer driving season.
Traders now await a meeting of the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, on June 2nd.
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