KONTAN.CO.ID - LONDON. Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated. Brent crude futures for September delivery rose $1.77, or 1.79%, to $100.87 a barrel by 1206 GMT while WTI crude rose $1.32, or 1.38%, to $97.10. The U.S. Federal Reserve's most hawkish policymakers on Thursday said they favoured a rate increase of 75 basis points at its policy meeting this month, not the bigger increase traders had priced in after a report on Wednesday showed inflation was accelerating.
Oil Rises on Saudi Oil Production Expectations
KONTAN.CO.ID - LONDON. Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated. Brent crude futures for September delivery rose $1.77, or 1.79%, to $100.87 a barrel by 1206 GMT while WTI crude rose $1.32, or 1.38%, to $97.10. The U.S. Federal Reserve's most hawkish policymakers on Thursday said they favoured a rate increase of 75 basis points at its policy meeting this month, not the bigger increase traders had priced in after a report on Wednesday showed inflation was accelerating.