The oil prices They went up this Friday after the International Energy Agency (IEA) predicted a record global demand and a reduction in supply, which led per barrel to close a seventh consecutive week of gains, the longest streak since 2022.
crude oil futures Brent rose 41 cents, or 0.5%, to $86.81 a barrel, while crude oil futures US West Texas Intermediate (WTI) gained 37 cents, or 0.5%, to $83.19. In weekly terms, both references increased by around 0.5%.
The IEA estimated that world demand for oil reached a record 103 million barrels per day in June and could scale another maximum this month.
Production cuts in Saudi Arabia and Russia set the stage for a sharp decline in inventories for the rest of 2023, which the IEA says could drive oil prices higher.
On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise by 2.44 million bpd this year, unchanged from a previous forecast. According to OPEC, the prospects for the oil market for the second semester are good.
Oil: US data also helped the market
US economic data this week has also lifted market sentiment, fueling speculation that the Federal Reserve is nearing the end of its aggressive rate hikes.
Supply cuts and improving economic prospects have generated more optimism among oil investors, according to Craig Erlam, an analyst at OANDA. However, he saw signs that momentum was running out after a sustained rally.
Brent had reached its highest level since January on Thursday, a day after WTI reached its highest this year. The last time Brent rose for seven weeks in a row was in January and February 2022, before the Russian invasion of Ukraine.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
