Oil prices fall slightly but have risen over the course of the week

Oil prices fell slightly on Friday but continued to rise throughout the week.

This is the second week in a row of rising oil prices.

The price increase came after key US data eased fears of a global economic recession.

On Thursday, better-than-expected figures for retail sales and new jobless claims in the US helped ease inflation concerns.

A barrel of the European benchmark oil Brent cost 80.78 dollars on Friday morning, compared to 81.26 dollars on Thursday afternoon.

However, over the course of the week, the price rose from $79.66 – and in two weeks from $76.81.

American WTI oil also traded at $77.82 on Friday morning, up from $78.31 on Thursday.

In the past two weeks, the price of WTI oil rose from $73.52.

“Key U.S. data released this week helped allay fears of a sharp slowdown in the U.S. economy,” analysts at energy consultancy FGE said, according to Reuters.

They expect that the oil markets will now once again focus fully on fundamentals and geopolitics.

In this context, markets are expecting Iran to retaliate against Israel for the killing of a Hamas leader in Tehran.

Reuters also reports that a new round of talks began on Thursday to reach a ceasefire in the Gaza war as Israeli troops continued their attack on the Palestinian enclave.

The talks, boycotted by Hamas, will continue on Friday in the Qatari capital Doha.