Oil Prices Increase Amid Improving Demand, Gain 3% 

Oil prices rose as much as $1 on Friday on signs of improving fuel demand, although further gains were capped as the market awaited clues from the US Federal Reserve Chairman Jerome Powell on the outlook for rate hikes in a speech later in the day.
Brent crude futures climbed 99 cents, or 1%, to $100.33 a barrel, while US West Texas Intermediate crude futures rose 98 cents, or 1.1%, to $93.50. Both contracts jumped in early trade by as much as $1 after slumping about $2 on Thursday, Reuters reported.
Despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, worries about oil demand destruction eased this week, putting the benchmark oil contracts on track for gains of around 3% for the week.
ANZ Research analysts said comments from some US central bank officials ahead of Powell's speech on Friday had cast a cloud over the economic backdrop.
The prospect of the Organization of Petroleum Exporting Countries curbing output to offset production increases from Iran also supported prices.
Sources told Reuters that potential OPEC+ production cuts mooted this week by Saudi Arabia are likely to coincide with the return of Iran to oil markets should it clinch a nuclear deal with the West.