Oil edges higher, records 7th straight weekly gain

Oil drilling rigs

Oil prices ticked higher today, Aug. 11, recording their seventh straight weekly gain, the longest win streak in more than one year, supported by lower crude supplies and strong demand forecasts.

Global oil demand is set to expand by 2.2 million barrels per day (bpd) to 102.2 million bpd in 2023, the IEA said, noting that China accounts for 70% of growth.

The agency added that global oil supply plunged by 910,000 bpd to 100.9 million bpd in July. The world’s oil production is expected to grow by 1.5 million bpd to a record of 101.5 million bpd this year.

The US drilling rig count remained unchanged at 525 in the week ended Aug. 11, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent crude for October delivery inched up 0.45%, or 41 cents, to settle at $86.81 a barrel, with a weekly gain of 0.65%.

WTI for September delivery rose 0.45%, or 37 cents, to close at $83.19 a barrel, recording a weekly gain of the same percentage.