Oil extended the rally on tighter supply outlook, optimism over demand
International benchmarks for crude oil continued to hoist upwards for the fifth consecutive week of gains on Friday, 28 July 2023, as optimism continues to gain traction
International benchmarks for crude oil continued to hoist upwards for the fifth consecutive week of gains on Friday, 28 July 2023, as optimism continues to gain traction on rising demand coupled with reduced supply levels.
Expectations are that the global economy would gradually recover from a cycle of tightening monetary policies as major central banks around the world, including the US Federal Reserve and European Central Bank might halt interest rate hikes campaign.
Supporting prices are the continued supply cuts by OPEC+, announced earlier in the month as the benchmarks are on track to gain over 13% for the month.
Brent crude went up by 75 cents to $84.99/barrel.
US West Texas Intermediate notched up 49 cents to $80.58/barrel.