Oil prices rose, breaking a two-week losing trend

On Friday evening, oil prices rose, breaking a two-week downward trend. Oil is growing, even despite the ongoing geopolitical tensions and the strengthening of the dollar after the publication of inflation data in the United States.

The current price of Brent oil is $89.38 per barrel, yesterday's maximum was marked at $89.77. North American WTI crude is trading at $83.66 per barrel.

The market was supported by data from the US Department of Energy, indicating a more significant than expected reduction in total oil reserves in the United States last week, indicating some tension in global oil markets.

There are also concerns about possible supply disruptions from the Middle East due to increased attacks on the Gaza Strip by Israel. And if the war with Iran has not materialized, the conflict between Israel and Hamas shows no signs of abating.

A 0.3% rise in US inflation last month led to a strengthening of the dollar, with a 12-month figure of 2.7%, exceeding economists' expectations of 2.6%. The PCE price index is one of the key inflation indicators tracked by the US Federal Reserve to reach the 2% target.

Continuing signs of stagnant inflation in the US have led investors to cautiously assess the possibility of the Fed starting to cut interest rates in the near future, despite softer than expected US GDP data released earlier this week.

U.S. plans to increase military aid to Israel after the approval of the relevant bill by President Joe Biden also had an impact on oil prices, preserving elements of risk and helping them overcome fears of declining demand and weakening global growth.