Oil Prices Rally Back Above $100

Oil prices rose by 2% early on Friday, with Brent rebounding to above $100 per barrel at the end of a very volatile week, amid reports that President Joe Biden’s visit to Saudi Arabia today will not result in a public announcement of an imminent production increase. As of 9:50 a.m. ET on Friday, WTI Crude was up 1.94% at $97.65, and Brent Crude was back above the $100 per barrel mark, at $101.17, up by 2.03%, erasing some of the weekly loss in the selloffs earlier this week.   Oil was supported on Friday by reports that the U.S. doesn’t…