Oil prices on track to snap two-week losing streak [Video]

Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East.

Brent crude futures gained 51 cents, or 0.6%, to $89.52 a barrel, and U.S. West Texas Intermediate crude futures rose by 55 cents, or 0.7%, to $84.10 a barrel.

Brent has gained 2.5% so far this week, while WTI is up 1.1%.

U.S. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. GDP growth for the first quarter could be revised higher, and inflation will ease after a clutch of “peculiar” factors held the economy to its weakest showing in nearly two years.

U.S. economic growth was likely stronger than suggested by weaker-than-expected quarterly data, she said.

Data showed that economic growth slowed in the first quarter, and prior …