Oil prices were higher today after comments during President Biden’s visit indicated that Saudi/OPEC was pretty much tapped out in terms of near-term production. “Part of the support is that everybody and their brother who digs down into the Saudi situation see that they don’t have a lot of capacity left,” said John Kilduff, partner at Again Capital LLC in New York. Both benchmarks saw their biggest weekly percentage drops in about a month, largely on fears earlier in the week that a nearing recession would chop away at demand. This week’s CPI print of 9.1% prompted thinking that the Fed would act more aggressively to curb inflation. Some of the Feds policy members however indicated a 75 bps rate hike, smaller than what was forecasted after the inflation report. WTI traded up $1.81 or 1.89% to close at $97.59. Brent traded up $1.77 or 1.79% to close at $100.87.