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Oil prices edged higher on Friday as traders anticipated a long weekend in the United States and monitored ongoing peace efforts in the Middle East. The U.S. benchmark West Texas Intermediate (WTI) rose 0.3% to $78.50 per barrel, while Brent crude climbed 0.4% to $83.20. The modest gains came despite mixed economic data from China, the world's second-largest oil consumer. Analysts noted that geopolitical tensions and supply disruptions in key regions remain a key driver for the market.
For traders, the price movement reflects cautious optimism about potential supply-side stability if peace negotiations progress. However, the lack of concrete developments in major conflicts could limit upward momentum. The U.S. market will be closed next week for the Independence Day holiday, reducing liquidity and potentially amplifying volatility in the short term.
Looking ahead, investors should watch for updates on Middle East diplomacy and OPEC+ production decisions. The Federal Reserve's upcoming meeting minutes could also influence risk appetite. Traders are advised to monitor technical levels at $78.00 and $83.00 for WTI and Brent, respectively, as potential support/resistance zones.
