OPEC Supply Concerns Offset by US Inflation Data

Oil prices ended the week on a slightly higher note as investors digested mixed signals from OPEC and US inflation data. Brent crude futures closed 23 cents, or 0.3%, higher at $67.75 a barrel, while U.S. West Texas Intermediate crude settled 5 cents, or 0.08% higher at $62.89.

The gains were attributed to the release of US Consumer Price Index (CPI) data, which showed an overall slowdown in inflation. The data suggested that further rate cuts may be on the horizon, boosting risk appetite and contributing to the rise in oil prices.

However, OPEC's plans to resume oil output increases from April weighed on prices earlier in the session. The move could impact summer fuel demand, but analysts believe that near-term global crude supplies remain ample.