Crude oil prices rose sharply on Friday, buoyed by reports that an increase in Saudi oil output is unlikely for now, and amid uncertainty about OPEC ramping up production any significantly.
Slightly easing fears about a sharp 100 bps rate hike by the Fed later this month, and the dollar's retreat from a new 20-year high contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for August ended higher by $1.81 or about 1.9% at $97.59 a barrel. WTI crude futures shed nearly 7% in the week.
Brent crude futures were up $2.10 or about 2.1% at $101.20 a barrel a little while ago.
Worries surrounding aggressive Fed tightening eased after Christopher Waller and St. Louis Fed President James Bullard, two of the Federal Reserve's most hawkish policymakers, on Thursday signaled support for a second straight 75-basis-point rate hike at the U.S. central bank's policy meeting later this month.
Traders also looked ahead to the outcome of U.S. President Joe Biden's meetings with top Saudi officials. Biden is expected to ask Saudi Arabia to ramp up oil production.
According to the report released by Baker Hughes, oil rig count in the U.S. increased by four to 756 this week.
