Oil prices increased on Friday following the macroeconomic data released in the US, the world's largest oil consumer, while the upcoming OPEC+ meeting scheduled for February 3 is closely monitored by market players.
The international benchmark Brent crude increased by 0.3%, trading at $76.03 per barrel at 10.42 a.m. local time (0742GMT), up from $75.83 at the close of the previous session.
The US benchmark West Texas Intermediate (WTI) rose by 0.4%, reaching $72.83 per barrel, compared to its prior session close of $72.56.
The US economy expanded by 2.3% in the fourth quarter of 2024, falling short of market expectations of 2.7%, according to the Commerce Department's first advance reading released Thursday.
For the full year, the economy grew by 2.8%, a slight cooling from the 2.9% expansion in 2023 but still reflective of steady momentum. This alleviated market players' concerns about oil demand and had an upward impact on prices.
Moreover, the number of Americans filing first-time unemployment claims decreased by 16,000 last week to 207,000, according to the US Labor Department data released on Thursday.
The figure was much lower than the market forecast of 224,000 and down from the previous week's unrevised level of 223,000.
The data strengthened expectations for an increase in demand and supported upward price movements.
In addition, the OPEC+ meeting scheduled for February 3 is closely monitored by market players. Recently, the US oil sanctions against Russia caused more than 1 million barrels of oil to be withdrawn from global supply. While this situation increased supply shortage concerns and put upward pressure on prices, it might lead producer countries to review their production plans.
Also, concerns about US President Donald Trump's tariffs could negatively affect global trade continue to have an impact on oil markets, potentially hindering the Federal Reserve's (Fed) efforts to combat inflation.
If inflation rises again, the Fed may pause interest rate cuts, limiting further price increases.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr