WASHINGTON (dpa-AFX) - Oil prices rose over 1 percent on Friday but headed for a second weekly decline on dollar strength, signs of increased U.S. supply and amid lingering fuel demand concerns.
Benchmark Brent crude futures jumped 1.5 percent to $84.58 in European trade, while WTI crude futures were up 1.3 percent at $80.10.
Today's rally comes on the back of efforts by Saudi Arabia and Russia to curb supply and reports suggesting that China is moving to ease mortgage lending for some home buyers to support the country's ailing property sector.
The dollar jumped to its strongest level since early-June as investors await a speech by Federal Reserve Chair Jerome Powell at the Jackson Hole symposium later in the day.
It is likely that Powell will continue his message that interest rates should stay higher for longer than expected to return inflation to the target.
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