Oil briefly rises above $48.00 a barrel

Oil spiked above $48.00 a barrel on Friday despite hawkish comments from fed Chair Yellen, amid reports of Yemeni missiles hitting Saudi Arabia's oil facilities.

West Texas Intermediate for November reached a peak of $48.45 a barrel on NYMEX. WTI pulled back from its best levels as the dollar gained momentum again, and it was last trading at $47.51 a barrel, still 0.55% up on the day.

Prices strted the day on the defensive after Saudi energy minister dampened expectations that global largest producers might agree next month to freeze output.