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Oil prices rise on optimism about US economic growth

Oil prices rose in early trade on Friday morning.
 
Reuters says the rise was influenced by reactions to the US Treasury Secretary's comments that the US economy is likely in a stronger position than indicated by weak first-quarter data.
 
Supply concerns as conflict continues in the Middle East also factored into the prices.
 
In early trading, Brent crude futures gained 34 cents, selling at US$89.35 a barrel.
 
US West Texas Intermediate crude futures rose by 33 cents, reaching US$83.90 a barrel.
 
Treasury Secretary Janet Yellen told Reuters on Thursday that US GDP growth for the first quarter could be revised higher after more data is tabulated.
 
Inflation is also expected to ease to more normal levels.
 


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