Oil prices rose during trading today, Friday, achieving weekly gains, as the increase in demand from China and the OPEC + alliance cut production led to an increase in prices, despite expectations of a weak global economy and the possibility of raising interest rates again.
Oil prices rebounded this week on hopes of growth in demand from China. Refinery output in China rose in May to its second-highest total level on record. The CEO of the Kuwait Petroleum Corporation said that the Chinese demand for oil is expected to continue to rise during the second half of the year
Prices also received support from the voluntary production cuts of the Organization of the Petroleum Exporting Countries (OPEC) and its allies that took effect in May, as well as additional cuts announced by Saudi Arabia that will start from July, according to CNBC.
And government news agencies quoted Russian Energy Minister Nikolai Shulginov as saying that it is realistic for oil prices to reach about $80 a barrel.
In terms of trading, Brent crude futures for August delivery rose at settlement by 94 cents to $76.61 a barrel.
US NYMEX crude futures for July delivery rose at settlement by $1.16 to $71.78 a barrel.
On a weekly basis, Brent achieved a weekly gain of 2.4%, while US Nymex crude achieved gains this week, by 2.3%.
