Brent above $100 a barrel heading for weekly gains

Oil prices rose today, Friday, supported by indications of improved demand for fuel, but gains were limited as the market takes messages from the President of the Federal Reserve (the US Central Bank) regarding the expectations of raising interest rates in a speech he will deliver later today, Friday. .

By 1051 GMT, Brent crude futures rose $1.53, or 1.54%, to $100.87 a barrel. West Texas Intermediate crude futures rose $1.20, or 1.3%, to $93.72 a barrel.

According to “Reuters”, the two crudes fell about two dollars a barrel on Thursday, but they are on their way to achieve weekly gains of about 4% for Brent and 3% for US crude.

The US economy contracted at a more moderate pace than previously thought in the second quarter as consumer spending relieved some of the pressure from the sharp slowdown in inventory build-up.

Prices received support from the Kingdom of Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries (OPEC), which indicated on Monday the possibility of reducing production to achieve a balance in the oil market and offset the impact of increased Iranian production if Tehran reaches an agreement with the West.

Other members of the broader OPEC+ group expressed support for the Saudi statement throughout the week. An informed source said that on Friday, the UAE became the latest member of OPEC + to announce its agreement with Saudi Arabia’s opinion regarding crude markets.