International oil prices rose on Friday (March 31).
[Financial Channel/Comprehensive Report] Supply is tightening in some parts of the world, and U.S. inflation data shows that it is slowing down.
International oil prices rose on Friday (March 31), closing higher for two consecutive weeks.
West Texas Intermediate crude for May delivery in New York rose $1.30, or 1.75%, to settle at $75.67 a barrel, up about 9.25% for the week.
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Brent crude for May delivery rose 50 cents, or 0.63%, to settle at $79.77 a barrel.
Up about 6.37% for the week.
The price of the more actively traded Brent crude for June delivery.
It settled up $1.29, or 1.6 percent, at $79.89 a barrel.
Despite Friday's gains, Brent and WTI are down 5 percent and 2 percent, respectively, for the month, their biggest monthly losses since November.
Inflation in the United States is showing a cooling trend. The core personal consumption expenditure (PCE), the inflation indicator preferred by the Federal Reserve, increased by 4.6% year-on-year, which was lower than the expected annual increase of 4.7%, and the monthly increase of 0.3% was also lower than the expected monthly increase of 0.4%. .
Signs of a slowdown in inflation tend to support oil prices, which means the Federal Reserve will slow down rate hikes.
Oil prices were also boosted after Iraqi Kurdistan suspended crude exports this week.
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