Oil briefly rises above $48.00 a barrel

Ani Salama FXStreet

Oil spiked above $48.00 a barrel on Friday despite hawkish comments from fed Chair Yellen, amid reports of Yemeni missiles hitting Saudi Arabia's oil facilities.

West Texas Intermediate for November reached a peak of $48.45 a barrel on NYMEX. WTI pulled back from its best levels as the dollar gained momentum again, and it was last trading at $47.51 a barrel, still 0.55% up on the day.

Prices strted the day on the defensive after Saudi energy minister dampened expectations that global largest producers might agree next month to freeze output.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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