05:18 AM EDT, 07/05/2024 (MT Newswires) -- Crude oil prices edged higher as market sentiment remains supported by strong mobility indicators and ongoing geopolitical tensions in the Middle East, ANZ Bank said in a Friday note.

The U.S. Energy Information Administration reported oil inventories in line with a tightening market balance, the bank noted.

Meanwhile, the supply risk from Hurricane Beryl is easing and members of the Organization of the Petroleum Exporting Countries and allied producers are continuing to exceed output quotas despite pledging to compensate for overproduction, ANZ Bank said.

Brent crude gained 0.1% to US$87.51 per barrel and West Texas Intermediate crude rose 0.3% to US$84.10/b at last look early Friday. Prices are on track for a fourth straight week of gains and were near their highest levels since late April, Reuters said in a Friday report.