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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
View all Reports
Markets 2 MIN READ

Oil prices rise as US official eases market concerns over economic headwinds

April 26, 2024By Reuters
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Dollar climbs as Fed officials suggest more rate hikes to come August 4, 2022 Dollar near two-decade high ahead of US jobs data September 2, 2022 Gold steady, but set for biggest weekly fall since Nov February 3, 2023

Oil prices rose in early trade on Friday, as players took stock of the US Treasury secretary’s comments that the country’s economy is likely in a stronger position than indicated by weak first-quarter data, coupled with supply concerns as conflict continues in the Middle East.

Brent crude futures gained 34 cents, or 0.38%, to USD 89.35 a barrel at 1211 GMT, and US West Texas Intermediate crude futures rose by 33 cents, or 0.39%, to USD 83.90 a barrel.

Treasury Secretary Janet Yellen told Reuters on Thursday that US economic growth was likely stronger than suggested by weaker-than-expected quarterly data.

Yellen said US GDP growth for the first quarter could be revised higher after more data is in hand, and inflation will ease to more normal levels after a clutch of “peculiar” factors held the economy to its weakest showing in nearly two years.

Data showed that economic growth slowed in the first quarter, and before Yellen’s comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated that the Federal Reserve would not cut interest rates before September.

Personal consumption expenditures (PCE) inflation data for March will be released on Friday, closely tracked by the Fed for its 2% target.

Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session.

Israel stepped up airstrikes on Rafah after saying it would evacuate civilians from the southern Gazan city and launch an all-out assault despite allies’ warnings this could cause mass casualties.

(Reporting by Georgina McCartney in Houston; Editing by Leslie Adler)

 

This article originally appeared on reuters.com

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