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Oil closed its best week in two months due to the prospects for greater demand

Oil closed its best week in two months due to the prospects for greater demand
Oil closed its best week in two months due to the prospects for greater demand

The Brent and WTI benchmarks accumulated an increase of close to 4%, supported by the better prospects.

Photo: Reuters

He Petroleum closed its best week in more than two months thanks to solid demand forecasts for crude oil and fuel, although their prices fell slightly this Friday.

The Brent crude oil futures fell 13 cents, or 0.16%, to $82.62 a barrel, and those of the West Texas Intermediate in the United States (WTI) fell 17 cents, or 0.22%, to $78.45. Both benchmarks thus accumulated an increase of close to 4% during the week.

This week, the Organization of Petroleum Exporting Countries (OPEC) maintained its forecast of relatively strong growth in global demand for Petroleum by 2024, while Goldman Sachs predicted strong demand for fuel in the United States this summer.

For its part, the International Energy Agency (IEA) Oil demand is expected to peak in 2029 and stabilize around 106 million barrels per day (bpd) by the end of the decade, according to a report released Wednesday.

However, the rise in prices of Petroleum this week cooled off a bit after the United States Federal Reserve (Fed) interest rates would remain unchanged, making it unlikely that the cuts would begin before December.

“As the economic outlook for the main economic regions remains uncertain, a further rise in prices cannot be expected at this time,” said Barbara Lambrecht, an analyst at the Commerzbank.

Besides, Russia undertook to fulfill its production obligations under the pact between the group of producers OPEC+after stating that it exceeded its quota in May.

Source: Ambito

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