Oil prices rose on Friday, 15th July after a United States official had reported to Reuters an immediate Saudi oil output boost is not expected.
On the other hand, there was indication that the US central bank may likely bump interest rates less aggressively than earlier expected, which had also contributed to crude support.
Brent crude futures for September delivery surged from USD2.10 or 2.12% to USD101.2 a barrel while WTI crude hiked from USD2.18 or 2.28% to USD97.96.
Meanwhile, US Federal Reserve’s policymakers on Thursday, 14th July, claimed of favoring a rate increase of 75 basis points at its policy meeting held earlier this month.