International crude oil prices surged last Friday (August 23) after US Federal Reserve System (Fed) Chair Jerome Powell indicated the time for the central bank to cut interest rates.

West Texas Intermediate (WTI) crude for October delivery increased by 2.5%, reaching US$74.83/barrel on the New York Mercantile Exchange.

Brent crude for October delivery rose by 2.3%, settling at US$79.02/barrel.