Oil jumps more than 3% ahead of inventories data

Oil prices rose rose on Friday, as the US dollar fell against most currencies, ahead of the release of US inventories data.

Federal Reserve Chairman Jerome Powell in his testimony before the US Congress endorsed Fed management and response to the pandemic, thanking President Joe Biden for nominating him for a second term.

Powell added that the Fed is committed to its targets, noting that inflation will drop and some relief would come as the economy returns to its normal state. 

Powell stressed that the Fed will speed up the rate hike to contain inflationary pressures.

The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.

The dollar index fell against a basket of major currencies by 0.4% at 95.5 points as of 19:14 GMT, after hitting a high of 96.07 points and a low of 95.5 points.

WTI February futures rose 3.7% to $81.1 a barrel, as of 19:14 GMT.

Brent March futures rose 3.4% to $83.6 a barrel.