The Federal Reserve Chairman stated that lowering interest rates will be the central bank’s top priority in the upcoming months, which caused U.S. Crude prices to rise by more than 1% on Friday.
West Texas Intermediate (WTI) crude futures increased by $1.33, or 1.81%, to $74.34, while Brent crude futures gained $1.27, or 1.63%, to $78.49 a barrel. The chairman of the US Federal Reserve authorizes an easing of central bank policy on Friday.
Prior to the discussion, the US dollar index dropped to 101.45. Demand for dollar-denominated crude from investors holding other currencies usually increases when the dollar is weak.
