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Oil prices rose 2.5% on Friday as Saudi Arabia turns down output boost calls from the US, according to a report.
Brent crude futures settled at $101.16 a barrel, rising $2.06, or 2.1%, while West Texas Intermediate crude settled at $97.59 a barrel, gaining $1.81, or 1.9%.
Brent crude futures for September delivery gained 2.08% or $2.06 to settle at $101.16 a barrel.
Despite Friday’s gains, both benchmarks posted their biggest weekly percentage drops in about a month. Brent lost 5.5% in the week, while WTI was down 6.9%.
This comes after Reuters reported that the US does not expect Saudi Arabia to immediately boost oil production.
US President Joe Biden arrived in Jeddah on Friday and had been expected to call for Saudi Arabia to pump more oil.
Picture Credits: Reuters
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