Oil regained strength as Saudi signal output cuts

International benchmarks for crude oil inched higher on Friday, 26 August 2022 as investors shrugged off warning from the Federal Reserves about the costs of curbing inflation that would “bring some pain to households and businesses” in the US. All heads turned as Saudi said OPEC could adjust production rates to accommodate the reemergence of Iranian barrels.

Brent rose $1.65 to close at $100.99/barrel. 

WTI added 54 cents to settle at $93.06/barrel.