Oil up on geopolitical tensions, gains curbed by fading Fed rate cut hopes
Oil prices edged up slightly on Friday, boosted by worries about geopolitical tensions but still under pressure from U.S. data showing inflation rose moderately in March, dampening hopes the Federal Reserve would cut interest rates soon.
Brent crude futures were up 7 cents, or 0.08%, to $89.08 a barrel at 1109 ET (1509 GMT). U.S. West Texas Intermediate crude futures were up 6 cents, or 0.07%, to $83.63 a barrel.
The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department’s Bureau of Economic Analysis said, on par with an increase the previous month.
