Oil prices rose at the close on Friday, supported by indications from Saudi Arabia that the Organization of Petroleum Exporting Countries may cut production.
-
Brent crude futures rose $1.65
Oil prices rose at the close, today, Friday, supported by indications from Saudi Arabia, that “OPEC” may reduce production, but trading was volatile as investors absorbed and eventually ignored the warnings of the Federal Reserve Chairman (the US Central Bank) against facing some economic hardship. .
Brent crude futures rose $1.65 to settle at $100.99 a barrel. West Texas Intermediate crude futures rose 54 cents to settle at $93.06 a barrel.
Overall, Brent crude is up 4.4% during the week, while WTI is set to rise 2.5%.
An informed source told “Archyde.com” that the UAE has become the latest member of “OPEC +” to announce that it agrees with Saudi Arabia’s view on crude markets.
On Monday, Saudi Arabia indicated the possibility of making production cuts to compensate for the return of Iranian production to the oil markets in the event that Tehran concludes a nuclear agreement with the West.
Oil prices fell for a short period after Jerome Powell, Federal Reserve ChairmanToday, Friday, the US economy will need strict monetary policy “for some time”, before inflation is under control, a fact that means slower growth, a weaker labor market and “some pain” for families and companies, pointing out that there is no quick cure for high prices.