Crude oil futures ended higher on Friday after comments from head of the Federal Reserve confirmed prospects for interest-rate cuts that would help strengthen the economy - and demand for crude. Prices for oil strengthened after Fed Chair Jerome Powell’s speech at the Kansas City Fed’s annual symposium in Jackson Hole. Powell said the central bank is about to embark on a path of rate cuts, with the timing and pace of easing to depend partly on the economic data.
Benchmark crude oil futures for October delivery rose $1.82 or about 2.5 percent to settle at $74.83 a barrel on the New York Mercantile Exchange. Brent crude for October delivery surged $1.80 or 2.3 percent to settle at $79.02 a barrel on London's Intercontinental Exchange.