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Oil prices rose more than 1 dollar a barrel on Friday, under the effect of declining European stocks and reduced production driven by OPEC, despite a report EIA showing the lowest level of growth in demand since the 2008 financial crisis.
Brent crude futures closed the session Friday up $ 1.15, or 2%, to settle at 58.53 dollars a barrel.
US West Texas Intermediate (WTI) crude futures futures advanced $ 1.96, or 3.7%, to $ 54.50 per barrel.
The International Energy Agency said global oil demand from January to May had risen at the slowest pace since 2008, due to growing signs of an economic slowdown and escalating trade war between the United States and China.
Oil prices were supported by data showing a slight decline in global crude oil and oil inventories in 16 European countries in July compared with the previous month.
However, oil prices remain about 20% below their highs in April of this year.
Brent finished the week down more than 5%, while US crude dropped about 2% after markets were negatively affected this week by an unexpected rise in crude inventories and fear of a slowing demand in the context of the escalating war between Washington and Beijing.
The Russian Ministry of Energy said that the IEA estimates were largely in line with its predictions, adding that Moscow had taken into account the possibility of a slowdown in oil demand by extending the Production reduction agreement with OPEC.
Saudi Arabia, OPEC's largest crude oil producer, plans to maintain its crude oil exports at less than 7 million barrels per day in August and September in order to rebalance the market and contribute to the reduction of oil stocks, said a Saudi oil official.
UAE Energy Minister Suhail Al Mazrouei said the UAE will continue to support measures to balance the oil market.
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