Oil prices head to end a two-week losing streak

Oil prices increased today, Friday, on their way to ending the week on a higher note after losses for two consecutive weeks, after US Treasury Secretary Janet Yellen expressed her optimism about economic growth, while concerns about supplies continue as a result of the Middle East conflict.

According to Reuters, by 0347 GMT, Brent crude futures rose 31 cents, equivalent to 0.4%, to $89.32 per barrel.

US West Texas Intermediate crude futures also increased 23 cents, or 0.3%, to $83.80 per barrel. Over the course of the week, Brent crude has risen 2.3% so far, while US crude has risen 0.8%.

Prices received support early in the session from concerns about supplies as geopolitical tensions continue in the Middle East.