Oil prices rise after falling to 2-week lows

On Friday morning, benchmark oil prices are going up, recovering from a decline to two-week lows.

The current price of Brent oil is $89.40 per barrel. Yesterday's low was marked at $87.70. North American WTI oil shows similar dynamics: an increase to $84.65 per barrel after a decline to $82.74.

Market participants continue to monitor developments in the Middle East. Israel has not yet launched a ground military operation in the Gaza Strip, but continues to carry out air strikes against positions of Hamas militants in the enclave and conduct operations in the Palestinian territories on the West Bank of Jordan. According to analysts, the risks of further escalation of the conflict affect the price of oil – «the margin, taking into account military actions, appears and disappears.»

Meanwhile, yesterday, the US Department of Commerce presented data on US GDP for the third quarter. The country's economy grew by 4.9% YoY, which is the best indicator since the fourth quarter of 2021. Analysts on average predicted an increase of 4.3%.

And although such strong indicators can influence the policy of the US Federal Reserve System, experts believe that this is unlikely to affect the next Fed meeting. Moreover, strong statistical data from the United States will raise expectations of a rate hike in December, which will put pressure on oil prices due to concerns about the growth of the American economy.