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Oil rises for the fourth consecutive week on a stronger demand outlookGlobal demand could hit a record high of 101.9 million barrels per day this year, according to the IEA, driven by the recuperating Chinese demand. |
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Global benchmarks for crude oil rebounded from the previous dip on the final trading day of the week, marking the fourth consecutive week of increases with Brent posting a 1.5% weekly gain while West Texas Intermediate recorded a 2.4% hike for the week.
As of 14 April 2023, Brent futures settled at $86.31/barrel, up 22 cents while West Texas Intermediate crude clocked in at $82.52/barrel, gaining 36 cents or 0.4%. Global demand could hit a record high of 101.9 million barrels per day this year, according to the IEA, driven by the recuperating Chinese demand. On the other hand, global supply might drop 400,000 barrels per day due to the pronounced production halts by OPEC+.
