Oil prices rise on OPEC report, record weekly gains

Oil prices rose on Friday as OPEC sees oil demand growing by more than two million barrels per day (bpd) to hit a record of 101.9 million bpd this year.

OPEC+ will likely cut its output by 760,000 bpd, which would decrease global oil supplies by 400.000 bpd by the end of 2023.

The US drilling rig count fell two units to 588 in the week ended April 14, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent futures for June delivery settled 0.3% or $0.22 higher at $86.31 a barrel, with weekly gains of 1.4%.

West Texas Intermediate (WTI) crude for May delivery closed 0.4% or $0.36 higher at $82.52 a barrel, recording weekly gains of 2.3%.