Oil prices rose Friday due to increased demand in the U.S. and China, the world's top oil consumers, and a positive signal from the Fed on potential rate cuts.
Oil prices rose on Friday, driven by growing demand in the United States and China, the world's biggest oil consumers, and as the U.S. Federal Reserve gave a positive signal on possibility of rate cuts.
Both fell more than expected in a sign of a strong demand.
Providing additional support to oil prices, Federal Reserve Chair Jerome Powell said on Thursday that the U.S. central bank was "not far" from gaining enough confidence that inflation is falling to begin cutting interest rates.
In Canada, TC Energy's Keystone oil pipeline resumed service on Thursday after going offline and temporarily restricting a major conduit of Canadian oil to the United States — one of the factors supporting prices in the previous session.
Persons:
Jerome Powell
Organizations:
U.S . Federal Reserve, Brent, . West Texas, Energy Information Administration, ANZ Research, Capital Economics, TC, Keystone
Locations:
U.S, China, United States, Canada