Oil prices are rising posted a fifth week of gains

Kabari99-Oil prices rose on Friday and posted a fifth gain as investors are optimistic that healthy demand and reduced supply will keep prices high.

The broader financial markets’ risk appetite has been fueled by growing expectations that central banks

such as the US Federal Reserve and European Central Bank are nearing the end of their tightening policy campaigns,

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Boosting global growth and energy prospects.

Supported by the supply cuts from the OPEC+ alliance announced earlier this month,

both oil benchmarks are up nearly 5% for the week on their fifth straight week of gains.

Benchmark is on track to gain over 13% for the month.

Brent crude settled 75 cents higher at $84.99 a barrel,

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while US West Texas Intermediate (WTI) crude rose 49 cents to $80.58 a barrel.

Both benchmarks fell as much as $1 early in the session, as investors took profits after WTI rose above $80 a barrel, said Price Futures Group analyst Phil Flynn.

Bullish demand expectations boosted on Thursday after US second-quarter gross domestic product grew by roughly a beating 2.4%,

supporting Federal Reserve Chair Jerome Powell’s view that the economy could achieve what it called a “soft landing.”

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Investors are cheering the idea of a peak approaching,

while it seems increasingly likely that the United States will avoid recession, said PVM analyst Tamas Varga.

New data released on Friday showed some of the eurozone’s top economies displayed unexpected resilience in the second

quarter even as a number of indicators pointed to renewed weakness ahead, as manufacturing and services weakness slowed.

Meanwhile, China’s policymakers have vowed to step up stimulus measures to strengthen the post-COVID recovery

after the world’s second-largest economy grew at a subdued pace in the second quarter.

In an interview on Friday, Exxon Mobil (XOM.N) head Darren Woods said he expects record demand for oil this year and next.

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On the supply side,

US oil rigs fell by one to 529 this week, the lowest since March 2022,

energy services company Baker Hughes BKR.O said on Friday. The data is an indication of future supply.

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Evidence of tightening is mounting, given US willingness to decline and Saudi Arabia’s voluntary cut of 1 million barrels per day,

Commerzbank analysts said, highlighting this month could see OPEC oil production fall to its lowest level since fall 2021.

Saudi Arabia expects to extend its voluntary oil production cuts for another month into September,

five analysts said, to provide additional support to the oil market.

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