Oil futures prices inched higher on Friday, poised for their most significant weekly increase since April, bolstered by robust forecasts for crude oil and fuel demand in 2024. Brent crude futures rose to $82.87 a barrel, while West Texas Intermediate (WTI) US crude futures climbed to $78.69, marking a roughly 4% gain for both benchmarks this week. However, gains were tempered by a dip in US consumer sentiment, hitting a seven-month low due to persistent inflation and income concerns. Analysts anticipate a supply deficit at least until early winter, despite varied demand growth forecasts from the US Energy Information Administration (EIA), OPEC, and the International Energy Agency (IEA).
Oil Prices Edge Up, Set for Strong Weekly Gain
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