Oil prices were higher today on worries of Middle East supply disruptions. Treasury Secretary Janet Yellen told Reuters U.S. economic growth was likely stronger than suggested by weaker-than-expected quarterly data. Before Yellen’s comments, oil prices had been pressured by data showing economic growth slowed more than expected in the first quarter. An acceleration in inflation suggested the Federal Reserve would not cut interest rates before September. “The market started to realize that if you put the whole report into perspective, the slowing growth numbers were probably overstated,” said Phil Flynn analyst at Price Futures Group. “I think then the market has also started to focus on the tight supply situation and the geopolitical risk factors,” Flynn added. WTI traded up $.76 or .9% to close at $83.57. Brent traded up $.99 or 1.1% to close at $89.01.

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