Oil prices rise at the end of trading, and record gains for the fifth week in a row, as the benchmark rose about 5% this week, supported by the supply cuts announced by the “OPEC +” alliance.
Oil rises for the fifth week amid indications of tight supplies
Oil prices rose at the end of trading, today, Friday, and recorded gains for the fifth week in a row, amid optimism among investors that prices will continue to rise thanks to the recovery in demand and supply cuts.
The appetite for risk in financial markets in general increased due to growing expectations that large central banks such as the US Federal Reserve and the European Central Bank are close to ending the monetary tightening cycle, which boosted expectations for global growth and energy demand.
The two benchmarks rose about 5% this week, supported by the supply cuts announced by the “OPEC +” alliance earlier this month. Both benchmarks are on track to gain 13% for the month.
Brent crude rose 75 cents to $84.99 a barrel on Friday, while US West Texas Intermediate crude rose 49 cents to $80.58 a barrel.
And expectations for demand growth were raised on Thursday, after US gross domestic product grew in the second quarter at a rate of 2.4%, which exceeded expectations.
2023-07-28 20:16:09
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