Brent crude futures rose 36 cents or 0.4% to $81.57 a barrel at 0109 GMT. West Texas Intermediate futures rose 25 cents, or 0.3%, to $76.36 a barrel.
Both benchmarks are poised to end the week more than 7% higher.
The market found support this week on International Energy Agency projections that China’s oil demand will recover next year after contracting in 2022 to 400,000 barrels per day (bpd). The agency raised its estimate of oil demand growth for 2023 to 1.7 million bpd.
OPEC on Tuesday stuck to its forecast for global oil demand growth of 2.55 million bpd this year and 2.25 million bpd in 2023 after several downward revisions, saying that even if the economic slowdown was “pretty obvious”, there was upside potential, such as an easing of China’s zero rate. -COVID policy.
In bearish demand news, the US Federal Reserve has signaled it will raise interest rates further next year, even as the economy slides into a possible recession.
On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation.
A stronger dollar makes oil more expensive for those using other currencies.
Brent crude futures rose 36 cents or 0.4% to $81.57 a barrel at 0109 GMT. West Texas Intermediate futures rose 25 cents, or 0.3%, to $76.36 a barrel.
Both benchmarks are poised to end the week more than 7% higher.
The market found support this week on International Energy Agency projections that China’s oil demand will recover next year after contracting in 2022 to 400,000 barrels per day (bpd). The agency raised its estimate of oil demand growth for 2023 to 1.7 million bpd.
OPEC on Tuesday stuck to its forecast for global oil demand growth of 2.55 million bpd this year and 2.25 million bpd in 2023 after several downward revisions, saying that even if the economic slowdown was “pretty obvious”, there was upside potential, such as an easing of China’s zero rate. -COVID policy.
In bearish demand news, the US Federal Reserve has signaled it will raise interest rates further next year, even as the economy slides into a possible recession.
On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation.
A stronger dollar makes oil more expensive for those using other currencies.