Oil prices look set to post another weekly gain as tensions between Israel and its neighbors continue to rise.
Crude oil prices looked primed to extend a two-week rally this week amid deepening tensions between Israel and its neighbors, notably Lebanon. Fears of a widening Middle Eastern war turned oil traders bullish, with Brent crude moving closer to $87 per barrel earlier today and West Texas Intermediate inching above $82 per barrel. The price climb is happening despite presumably lukewarm demand for oil in the United States , as estimated by the Energy Information Administration earlier this week.
, the Bureau of Economic Analysis released its latest revised estimate for GDP growth during the first quarter of the year, pegging the number at a not-very-exciting 1.4%, which was, however, up from an earlier estimate of 1.3%. MarketWatch remarked that this was the smallest growth rate in close to two years. Consumer spending was a bigger cause for concern, it appears, as it grew at the slowest rate in eighteen months, the BEA figures showed.
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