Oil rises over 2%, trims weekly losses

Oil drilling rigs

Oil prices settled higher on Friday as Federal Reserve's Chairman Jerome Powell hinted at the near end of monetary tightening cycle, easing demand concerns.

Brent crude futures leapt 2.35%, or $1.8, to $79.02 a barrel.

Similarly, futures prices for US West Texas Intermediate (WTI) crude jumped 2.5%, or $1.82, to $74.83 per barrel.

Both contracts shrank their weekly losses to 0.85% and 0.95%, respectively.

 The US drilling rig count kept flat at 483 in the week ended Aug. 23, Baker Hughes energy services firm said in its closely followed report on Friday.

"The upside risks to inflation have diminished. And the downside risks to employment have increased," Powell said, adding that the time has come for policy to adjust.