Oil prices decline slightly Friday morning, but are stable in an overall perspective.

The market is awaiting a cue from US Federal Reserve Chair Jerome Powell on the prospects of a potential rate hike during a speech to be held at a meeting in Jackson Hole Friday afternoon, writes Reuters.

A barrel of European reference crude Brent costs USD 100.21 Friday morning against USD 100.57 Thursday afternoon. US equivalent West Texas Intermediate trades concurrently for USD 93.39 against USD 94.02.

Despite uncertainties regarding the pace of the rate hikes in the US intended to curb rising inflation, worries about oil demand have abated somewhat, leading both benchmark prices to rise by approximately 3% on the whole this week.

Analysts at ANZ Research contend that a number of comments from members of the US Federal Reserve have generated a dark cloud over the economy after remarking that they are inclined towards a hike of 75 basis points.

At the upcoming meeting, many are eagerly awaiting whether the central bank will raise the interest rate by 75 basis points for the third time in a row or lower the pace and raise it by 50 basis points.

Powell is set to speak at the Jackson Hole conference in Wyoming at 10.

Elsewhere in commodities, a troy ounce of gold cost USD 1,756.50 Friday morning against USD 1,756.20 Thursday.

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