Crude oil futures edged towards $84 per barrel on Friday, poised to record a weekly gain of about 2%. This rebound follows two consecutive weeks of losses, initiated by a retreat from the six-month high of $87.67 per barrel reached on April 12th. The upswing in prices was supported by the highly anticipated US gross domestic product (GDP) report, which revealed a 1.6% increase in the first quarter, following a robust 3.4% surge in the final quarter of 2023. Additionally, recent data indicated a significant 6.37 million barrel decrease in US crude inventories last week, further bolstering prices. On the geopolitical front, Israel intensified airstrikes on Rafah despite calls from its allies to avoid attacking the southern Gaza city. In domestic markets, MCX May expiry oil futures climbed Rs 79 to Rs 6990 per barrel.

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