WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Friday, recovering well after early weakness.
Oil prices dropped earlier in the session after Fed Chair Jerome Powell said he expects to keep rates at higher levels, and that the bank's efforts to combat inflation will cause 'some pain.'
Powell reiterated the Fed's resolve to bring inflation back to its 2% target, declaring that the 'economy does not work for anyone' without price stability. He added that the central bank would use its tools 'forcefully' to bring demand and supply into better balance.
West Texas Intermediate Crude oil futures for October ended higher by $0.54 or about 0.6% at $93.06 a barrel, rebounding from a low of $91.10.
WTI crude futures gained about 2.5% in the week.
Brent crude futures settled at $100.99 a barrel today, gaining $1.65 or about 1.7%.
Oil prices also got support on reports OPEC+ members are supportive of Saudi Arabia's suggestion for market intervention to stabilize world oil markets.
Iraq, Algeria, Kuwait, Equatorial Guinea, Venezuela, Libya and Congo all released statements expressing their support after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said that OPEC might have to curtail production.
'Futures prices don't reflect the underlying fundamentals of supply and demand, which may require the group to tighten production when it meets next month to consider output targets,' Saudi Arabia said earlier this week.
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