India, April 26 -- Despite hot inflation data dimming hopes of an early interest rate cut by the Federal Reserve, oil prices edged higher on Friday on optimism about the outlook for oil demand and concerns about supply.
The dollar's rise limited oil's gains. The dollar index climbed to 106.19 before paring some gains. Still, at 105.95, the index was up nearly 0.35% from the previous close.
West Texas Intermediate Crude oil futures for June ended higher by $0.28 or about 0.34% at $83.85 a barrel. WTI crude futures gained about 0.85% in the week.
Brent crude futures settled at $89.50 a barrel, gaining $0.49 or about 0.55%.
Data from the Commerce Department showed the Federal Reserve's preferred measure of inflation, the personal consumpti...