Recovering from early weakness, crude oil futures settled higher on Friday. Initially oil prices fell 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’. Though, oil prices 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.
Benchmark crude oil futures for October delivery rose $0.54 or about 0.6 percent to settle at $93.06 a barrel on the New York Mercantile Exchange. Brent crude for October delivery gained $1.65 or 1.7 percent to settle at $100.99 a barrel on London's Intercontinental Exchange.