After minutes from a Federal Reserve meeting suggested that inflation was under control and US Secretary of State Antony Blinken prepared to travel to the Middle East to avoid an escalation in the conflict between Israel and Gaza, oil prices registered a slight increase at the end of the week.

West Texas Intermediate oil futures rose 50 cents, or 0.7%, to $72.69 at 0229 GMT. While Brent oil futures rose by 37 cents, or 0.5%, to $77.96 per barrel. Both references nearly recovered all of Thursday's losses, when prices settled lower in a choppy session due to the massive weekly accumulation of gasoline and distillate stocks. Lower interest rates lower consumer borrowing costs, which can boost economic growth and oil demand.