Oil prices rise at the end of the trading week

Benchmark oil prices began to rise on Friday afternoon. During the session, Brent quotes rose to the level of $83.39 per barrel, WTI rose to the level of $79.15. 

Earlier this week, the U.S. Department of Energy raised its forecast for global oil demand in 2024 by 140 thousand barrels per day, to 102.98 million b/d. Thus, the agency expects that this year demand growth will amount to almost 1.1 million b/d, whereas previously it was predicted 920 thousand b/d.

OPEC still expects an increase in global oil demand by 2.25 million b/d in 2024, and by 1.85 million b/d next year, as indicated in the cartel's June report.

It also became known today that the leaders of the G7 countries plan to agree on tougher measures to comply with their established «price ceiling» for Russian oil. The G7 may announce measures, including sanctions and other control measures, to combat Russia's use of alternative shipping methods to circumvent sanctions. In addition, it is planned to do more in order to reduce Moscow's income from the sale of metals.