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The U.S. said it expects further oil supply increases from Saudi Arabia after President Joe Biden met with Saudi Arabia’s Crown Prince Mohammed Salman.
The White House on Friday welcomed the increase in production levels 50 percent above what was planned for July and August. It added these and other steps anticipated over the coming weeks have and will help stabilize markets considerably.
However, the comment during Biden’s Middle East visit comes at a time when spare crude capacity among members of the Organization of the Petroleum Exporting Countries (OPEC) is running low.
Oil gained 2.5% on Friday as investors question whether OPEC has the room to significantly ramp up crude production.
Brent crude futures settled at $101.16 a barrel, rising $2.06, or 2.1%, while U.S. West Texas Intermediate crude settled at $97.59 a barrel, gaining $1.81, or 1.9%.
Gasoline remains near record levels of $5 a gallon in the U.S., according to American Automobile Association. A recent poll from The Associated Press-NORC Center shows concerns about inflation, including the cost of energy and food have surged in the U.S.
During the visit, the U.S. and Saudi Arabia signed 18 partnership agreements in fields including energy, communications, space and healthcare, Saudi state TV al-Ekhbariya reported.
