Jammu, April 26 -- As the week draws to a close, oil markets show signs of stabilizing after two weeks of falling prices. Benchmark Brent crude and US West Texas Intermediate contracts were both higher in early Friday trading. Brent gained half a percent to trade at $89 per barrel, while WTI added similar gains to reach $84.

The moves come as a senior US economic official expressed optimism over upcoming growth data. Treasury Secretary Janet Yellen indicated that preliminary figures showing a slowdown in first quarter expansion may be revised up. She believes underlying momentum in the world's largest economy remains sound. Inflation, which has surged to multi-decade highs, is also expected to moderate soon.

Geopolitical tensions across...