Oil up thanks to US Central Bank’s statements and tension in ‎the Middle East

Oil prices rose on Friday after the minutes of the Federal Reserve meeting indicated that inflation was under control.‎

According to Reuters, by 0229 GMT, Brent crude futures rose 37 cents, equivalent to 0.5%, to $77.96 per barrel. US West Texas Intermediate crude futures increased 50 cents, equivalent to 0.7%, to $72.69.

The two benchmark crude oils recovered almost all of the losses they incurred on Thursday, when settlement prices recorded a decline after a volatile session due to a large weekly increase in gasoline and distillate stocks. The two crude oil prices are heading to end the first week of the year on the rise.