Futures on US West Texas Intermediate Crude Oil looked set to register their fifth consecutive week of advance, as investors remained optimistic about both demand and supply prospects.
WTI Crude Oil Futures have surged almost 13% so far this month, mostly underpinned by output cuts announced by top producers Saudi Arabia and Russia.
Meanwhile, expectations that major central banks such as the Federal Reserve and the European Central Bank are getting closer to exit their rate-hiking campaigns heightened investor risk sentiment and reinforced global growth and fuel demand outlook.
Adding to optimism, the latest macro data out of the United States showed that the nation’s Gross Domestic Product had grown at a faster rate than anticipated, 2.4%, in the second quarter. The preliminary figures were in unison with Federal Reserve Chair Jerome Powell’s view that the world’s largest economy is able to achieve a “soft landing.”
Prospects of Chinese stimulus measures to prop up post-COVID recovery have also supported oil prices.
China’s National Development and Reform Commission announced this week measures aimed to bolster private investment in some infrastructure sectors and said financing support for private projects would also be increased.
As of 12:43 GMT on Friday WTI Crude Oil Futures for September delivery were inching down 0.04% to trade at $80.06 per barrel.
At the same time, Brent Oil Futures for October delivery were inching down 0.04% on the day to trade at $83.76 per barrel.
WTI Crude Futures were set for a 3.58% weekly gain, while Brent Futures – for 3.02% advance.
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