Brent crude rose 97 cents to $84.33 a barrel by 0852 GMT, while U.S. West Texas Intermediate crude was up 93 cents at $79.98
Oil prices jumped more than 1 per cent on Friday as the dollar firmed ahead of an eagerly awaited speech by the head of the U.S. Federal Reserve for hints on the outlook for interest rates.
The bank expects crude to remain in deficit over the rest of the year but forecasts slower demand in 2024, resulting in modest oversupply early next year. Talks between Turkey and Iraq’s semi-autonomous Kurdistan regional government on northern Iraqi crude oil exports are set to continue after officials failed to reach agreement this week on a resumption of exports.
Iran’s oil minister, meanwhile, has been quoted by state media as saying he expects the country’s crude oil output to hit 3.4 million barrels per day by the end of September, even though U.S. sanctions remain in place.
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