Oil prices rose for the fourth consecutive week - Economist

Oil prices rose at the settlement of trading on Friday, recording the fourth weekly gain in a row, after the issuance of the International Energy Agency report.

At the end of the day, upon settlement, Brent crude futures rose by 0.26%, and the price of a barrel of oil reached $86.31 a barrel.

US West Texas crude oil contracts rose by 0.44%, at $82.52 a barrel, recording weekly gains of about 2.3%. Analysts have pointed out the decline in concerns about rising inflation and its impact on levels of energy demand. 

In its monthly report issued yesterday, the International Energy Agency predicted a decrease in the global oil supply by 400,000 barrels per day by the end of the year, pointing to an expected increase in production of one million barrels per day from Outside “OPEC Plus”, starting in March, compared to 1.4 million barrels per day, which will be reduced by the producing countries in the group. 

In the same context, the agency warned that the large production cuts announced by the producing countries in the OPEC Plus alliance may increase the shortage of oil supply and harm consumers, which may lead to a significant increase in prices in the future.