The oil prices They rose more than 1 dollar this Friday, before the signs of improving the demand for fuel, although the expectations before the next speech of the president of the Federal Reserve of the United States limited the gains.
At 11:17 GMT, crude oil futures Brent gained $1.60, or 1.61%, to $100.94 a barrel, and oil futures West Texas Intermediate in the United States (WTI) they improved 1.28 dollars, or 1.38%, to stand at 93.79 dollars.
Both contracts lost about $2 on Thursdaybut they were heading to close the week with an advance close to 4% for Brent and 3% for WTI.
Better-than-expected figures on the US economy helped allay recession fears. The US economy contracted at a more moderate pace than initially thought in the second quarter as consumer spending somewhat offset the effect of a sharp slowdown in inventory accumulation.
The de facto leader of the Organization of Petroleum Exporting Countries (OPEC), Saudi Arabia, on Monday referred to the possibility of cutting production to balance the market and compensate for the return of Iranian barrels to oil markets in the event that Tehran reaches a nuclear agreement with the West.
Members of the larger group of producers in the OPEC+ expressed support for the Saudi statement throughout the week. On Friday, the United Arab Emirates became the latest to declare that it is aligned with Riyadh’s thinking on markets, a source told Reuters.
“The impression remains that Saudi Arabia is not willing to tolerate any price drop below $90. Speculators could see this as an invitation to bet on further price rises without needing to fear deeper declines,” he said. Commerzbank in a note.
The market awaits further signals on the prospects for interest rate hikes in the Fed chairman’s speech later on Friday, Jerome Powell.
