Oil prices rise ahead of Jerome Powell speech, set for weekly losses

Oil futures rise Friday as investors await a speech by Federal Reserve Chair Jerome Powell.

Oil futures rose Friday ahead of an eagerly awaited speech by Federal Reserve Chair Jerome Powell, but crude remains on track for a second straight weekly loss.

Powell’s remarks could influence overall investor sentiment, while oil traders will remain sensitive to moves by the U.S. dollar. The currency rose to a 10-week high Thursday, while the ICE U.S. Dollar Index DXY was steady Friday. A stronger dollar makes oil more expensive to users of other commodities.

U.S. officials were drafting a proposal that would ease sanctions on Venezuela’s oil exports if the country moves toward a free and fair presidential election, Reuters reported Wednesday afternoon.

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