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Oil prices rose more than 1 dollar a barrel on Friday, under the effect of declining European stocks and production cuts attributable to OPEC, despite the agency's report. international energy market showing the lowest level of growth in demand since the 2008 financial crisis.
Photo for illustration only -Photography iStock-krblokhin
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 stocks of crude oil and petroleum products in 16 European countries in July compared with the previous month.
But oil prices remain lower by about 20% at their points high in April this year.
Brent closed the week down more than 5%, while US crude fell by nearly 2% after markets were affected by an unexpected rise in crude inventories and fear of a sharp rise in oil prices. slowing demand in the context of a growing trade 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 also said that the United Arab Emirates will continue to support measures to balance the oil market.
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