Oil prices rise at settlement amid concerns about supplies in the Middle East

Oil prices rose at settlement, yesterday evening, Friday, amid the ongoing tensions in the Middle East, but the rise in the dollar and inflation data issued in the United States limited the gains. Brent crude futures rose 49 cents, 0.55 percent, at settlement to $89.50 per barrel, and US West Texas Intermediate crude futures rose 28 cents, 0.34 percent, to $83.85 per barrel. Concerns about supplies contributed to supporting prices amid continuing tensions in the Middle East. Inflation in the United States rose 2.7 percent on an annual basis until March, after rising 2.5 percent until February. The increase last month was broadly in line with economists' expectations. The Federal Reserve (the US central bank) aims to reduce inflation to two percent, and the Council is expected to keep interest rates unchanged at the monetary policy meeting, scheduled to be held next week. Source: National Iraqi News Agency