Oil prices rose about 1 percent in choppy trade on Friday, with gains in equity markets and optimism over the pace of the economic recovery helping underpin sentiment.
Brent crude oil futures for July settlement rose about 1 percent to $67.73 a barrel, while West Texas Intermediate crude futures for June delivery were up 1 percent at $64.45.
Equity markets are rebounding as comments from Federal Reserve officials helped ease inflation fears.
Increases in prices above the Federal Reserve’s 2 percent goal should be temporary and the Fed would not raise rates until it sees inflation above target for a long time, said Federal Reserve Governor Christopher Waller on Thursday.
Fed policymakers Lael Brainard and Richard Clarida made similar comments on Tuesday and Wednesday, respectively.
The dollar edged lower against major currencies as investors await U.S. retail sales and industrial production, due later in the day for further clues about the extent of the economic recovery.
Meanwhile, U.S. President Joe Biden reassured motorists on Thursday that fuel supplies should start returning to normal this weekend and the government would take action to stop future cyberattacks.
The material has been provided by InstaForex Company – www.instaforex.com