Proposals to cut interest rates caused crude oil prices to rise by more than 2% on Friday

Crude oil ended the week up more than 2% on Friday, thanks to a clear indication from Federal Reserve Chairman Jerome Powell that the central bank was likely to cut interest rates.

West Texas Intermediate oil closed up $1.82, or 2.49%, at $74.83 a barrel on the New York Mercantile Exchange.

Brent crude oil rose USD 1.80, or 2.33%, to close at USD 79.02 per barrel on ICE Futures Europe.

Oklahoma energy stocks ended the trading week on Friday with strong gains, including Chesapeake Energy up 3%, Empire Petroleum and Mammoth Energy with a 4% boost and LSB Industries an increase of 6%.