US light crude oil gained more than $2 a barrel on Friday after comments by US Federal Reserve Chair Jerome Powell indicated the central bank was preparing to cut interest rates. Brent crude futures rose by $1.88, or 2.43%, to $79.01 a barrel at 12:55 p.m. CDT (1755 GMT). US West Texas Intermediate (WTI) crude futures rose $1.93, or 2.64%, to $74.93. “The pivot by the Federal Reserve is real,” said Phil Flynn, senior analyst at Price Futures Group. “It’s impacting all commodities.” This week, both benchmarks hit their lowest since early January, after the US government sharply lowered its estimate of jobs added by employers this year through March, raising fears of a possible recession. On Friday, Powell endorsed easing the Fed’s policies, saying further cooling in the job market would be unwelcome. He also expressed confidence inflation was within reach of the US central bank’s 2% target. “The upside risks to inflation have diminished. And the downside risks to employment have increased,” Powell said in a highly anticipated speech to the Kansas City Fed’s annual economic conference in Jackson Hole, Wyoming. “The time has come for policy to adjust.