Oil gains 1% as investors await Fed news from Jackson Hole

Oil prices jumped more than 1% on Friday as the dollar firmed ahead of an eagerly awaited speech by the head of the U.S. Federal Reserve for hints on the outlook for interest rates.

Brent crude rose 97 cents, or about 1.2%, to $84.33 a barrel by 0852 GMT. U.S. West Texas Intermediate crude was up 93 cents, also roughly 1.2%, at $79.98.

Both benchmarks rose by more than $1 earlier in the session.

Investor caution ahead of Fed Chair Jerome Powell’s remarks at the Jackson Hole Symposium lifted the safe-haven dollar to a 10-week high with its biggest rise in a month as markets waited for word on how long interest rates would remain elevated.

Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.

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