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Oil set for third straight week of gains on tight supply

14 July 2023 09:00 (UTC +04:00)

Oil prices were set to register their third consecutive weekly gain for the first time since April, rising on Friday due to supply disruptions in Libya and Nigeria, and hopes of higher demand for crude due to easing U.S. inflation, APA reports citing Reuters.

Brent crude futures had added 5 cents, or 0.1%, to $81.41 per barrel by 0242 GMT. U.S. West Texas Intermediate crude futures rose 9 cents, or 0.1%, to $76.98. Both benchmarks, which have risen about 9% this month, are on track to settle higher for a fourth session in a row.

Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices.

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024.