Oil prices up on stronger Chinese data, Middle East conflict

In the previous session, oil prices edged up to a one-week high on data of rising in China in April and as investors saw the cooling as an indication of possible .

China's exports and imports returned to growth in April after contracting in the previous month, signalling an improvement in demand.

"Ongoing signs of strength in demand in China should see commodity market remain well supported," said in a note.

In the U.S., there is considerable uncertainty about where inflation will head in coming months, President Mary Daly said on Thursday, while adding she still has faith that price pressures are continuing to ease.

Daly did not say if she felt the was likely or not to cut interest rates this year. Financial markets expect the U.S. central bank to start its easing cycle in September.

bombarded areas of on Thursday, Palestinian residents said, as Prime Minister Benjamin Netanyahu dismissed U.S. President Joe Biden's threat to withhold weapons from Israel if it assaults the southern Gaza city.

A senior Israeli official said late on Thursday that the latest round of indirect negotiations in Cairo to halt hostilities in Gaza had ended and Israel would proceed with its operation in Rafah and other parts of the Gaza Strip as planned.