Oil prices rose slightly today, with crude contracts approaching a weekly gain as recession worries eased and Brent crude futures rose 23 cents, or 0.2 percent, to $99.83 a barrel. and West Texas Intermediate futures fell 3 cents to $94.37 a barrel. barrel.
Brent crude is moving up more than three percent during the week, offsetting some losses last week when it fell 14 percent in its biggest weekly loss since April 2020 amid fears that rising inflation and rising interest rates will hurt damage. economic growth and fuel demand.
Uncertainty limited price gains as the market adopted diverging views from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency on the demand outlook.
On Thursday, OPEC cut its forecast for global oil demand growth in 2022 by 260,000 bpd and now expects demand to increase by 3.1 million bpd this year.
This contrasts with the vision of the International Energy Agency, which raised its demand growth forecast to 2.1 million barrels per day due to a switch to oil instead of gas for electricity generation as a result of high global gas prices.
At the same time, the International Energy Agency raised its forecast for Russian oil supplies by 500,000 barrels per day in the second half of 2022, but signaled that it would be difficult for OPEC to increase production.
Source: El Iktisad
