Kuwait Newspaper Journal Journal The lowest level of growth in oil demand since the financial crisis

Oil prices rose by more than US $ 1 a barrel yesterday, as European stocks and OPEC production cut, despite the IEA report showing the lowest level of growth demand since the 2008 financial crisis.

Brent crude futures closed the session up $ 1.15, or 2%, to $ 58.53 per barrel.

US West Texas Intermediate (WTI) crude oil futures were up $ 1.96, or 3.7%, to settle at $ 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.

But oil prices remain lower by about 20% at their highest levels this year, set in April.

Brent closed the week down more than 5%, while US crude dropped nearly 2% after markets were negatively affected this week by an unexpected rise in US crude oil inventories and the fear of US oil prices. Slowing demand in the context of the growing trade war between Washington and Beijing.

Saudi Arabia, the main producer of crude oil from the Organization of the Petroleum Exporting Countries (OPEC), intends to maintain its crude oil exports to less than 7 million barrels a day in August and September in order to rebalance the market and contribute to the reduction of oil stocks, said a Saudi oil official.