Oil futures settled slightly lower on Friday after a survey showed U.S. consumer sentiment deteriorated, but prices rose 4 percent over the week as investors assessed expectations for growth in demand for crude and fuel this year.
Price movements
Brent crude futures fell 13 cents to settle at $82.62 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 17 cents to $78.54.
Over the week, the two benchmarks gained about 4 percent, their biggest weekly gain since April.
Both crudes fell after a survey showed U.S. consumer sentiment fell to its lowest level in seven months in June.
“The data came in much lower than expected,” said Bob Yawger, director of energy futures at Mizuho. “This means that ordinary consumers do not have confidence in the economic situation.”
Losses were limited on expectations of demand growth.
The US Energy Information Administration slightly raised its oil demand growth estimate this year, while OPEC kept its demand growth forecast relatively unchanged at 2.2 million barrels per day. The International Energy Agency lowered its demand growth forecast to less than 1 million barrels per day.
Commerzbank analysts said the three parties expected a supply deficit until at least the start of winter.
The US Federal Reserve kept interest rates unchanged, ruling out starting rate cuts before December.
Russia also confirmed its commitment to its production pledges in the OPEC+ agreement, after saying it exceeded its quota in May.
Prices fell last week after OPEC and its allies led by Russia, known as OPEC+, said they would gradually ease production cuts from October.
The market is also focused on ceasefire talks in Gaza, which could ease concerns about a potential disruption to oil supplies from the region.
