Oil prices rise but set for weekly loss amid expectations of Fed rate cuts
Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer U.S. interest rate cuts this year.
Brent crude futures climbed 51 cents, or 0.57%, to $90.25 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.72%, to $85.63.
The gains erased some losses from the previous session, which was dominated by worries about stubborn U.S. inflation that dampened hopes for an interest rate cut as early as June.
