Oil markets saw a marginal upward movement on Friday following the International Energy Agency's (IEA) projection of an unprecedented surge in global demand and tightening supply dynamics. This surge marked the seventh successive week of price gains, marking the lengthiest winning streak since 2022.

Brent crude futures experienced an increase of 0.5% ascent by 41 cents, settling at $86.81 per barrel. Simultaneously, crude futures increased by 0.5% in U.S. West Texas Intermediate (WTI), adding 37 cents and concluding at $83.19. Over the span of a week, both benchmarks saw a modest 0.5% rise.

The IEA's assessment indicated that global oil demand reached a historic peak of 103 million barrels per day in June, and this upward trajectory could culminate in another peak this ongoing month. Concurrently, Saudi Arabia and Russia's strategic output cuts have paved the way for a substantial reduction in inventories throughout the remainder of 2023. The IEA posited that this development might further propel oil prices upward.

Recently, the Organization of the Petroleum Exporting Countries (OPEC) maintained its projection of a 2.44 million barrels per day increase in global oil demand for this year, consistent with its prior forecast. OPEC asserted that the oil market prospects for the latter half of the year are promising. This week, U.S. economic data furnished a boost to market sentiment, fostering speculation that the Federal Reserve is approaching the conclusion of its vigorous interest rate hikes.

The synthesis of supply constraints and a brighter economic outlook has amplified optimism within the realm of oil investments. OANDA analyst Craig Erlam remarked on the burgeoning positivity, though he pointed out indicators of waning momentum following an extended rally. Notably, Brent reached its highest level since January, with WTI following suit by touching its peak for this year.

The previous occurrence of seven successive weeks of Brent price growth transpired in January-February 2022, prior to Russia's incursion into Ukraine.

After eight consecutive weeks of decline, the count of operational oil rigs in the United States—considered an early harbinger of forthcoming output—held steady at 525 during the current week, as reported by energy services firm Baker Hughes.

Eric Freedman, Chief Investment Officer at U.S. Bank Asset Management, interpreted the steady rig count as indicative of U.S. producers' judicious approach to drilling and exploration. He commented, "The oil price keeps going higher but not as many companies are out looking for oil."

Amidst the landscape of fluctuating sentiment, mixed economic data from China cast a shadow this week. Although customs data indicated a year-on-year surge in crude imports, China's overall exports plummeted by 14.5% in July. This decline was accompanied by a retreat in monthly crude imports from June's near-record highs, receding to levels not observed since January.

Oil markets saw a marginal upward movement on Friday following the International Energy Agency's (IEA) projection of an unprecedented surge in global demand and tightening supply dynamics. This surge marked the seventh successive week of price gains, marking the lengthiest winning streak since 2022.

Brent crude futures experienced an increase of 0.5% ascent by 41 cents, settling at $86.81 per barrel. Simultaneously, crude futures increased by 0.5% in U.S. West Texas Intermediate (WTI), adding 37 cents and concluding at $83.19. Over the span of a week, both benchmarks saw a modest 0.5% rise.

The IEA's assessment indicated that global oil demand reached a historic peak of 103 million barrels per day in June, and this upward trajectory could culminate in another peak this ongoing month. Concurrently, Saudi Arabia and Russia's strategic output cuts have paved the way for a substantial reduction in inventories throughout the remainder of 2023. The IEA posited that this development might further propel oil prices upward.

Recently, the Organization of the Petroleum Exporting Countries (OPEC) maintained its projection of a 2.44 million barrels per day increase in global oil demand for this year, consistent with its prior forecast. OPEC asserted that the oil market prospects for the latter half of the year are promising. This week, U.S. economic data furnished a boost to market sentiment, fostering speculation that the Federal Reserve is approaching the conclusion of its vigorous interest rate hikes.

The synthesis of supply constraints and a brighter economic outlook has amplified optimism within the realm of oil investments. OANDA analyst Craig Erlam remarked on the burgeoning positivity, though he pointed out indicators of waning momentum following an extended rally. Notably, Brent reached its highest level since January, with WTI following suit by touching its peak for this year.

The previous occurrence of seven successive weeks of Brent price growth transpired in January-February 2022, prior to Russia's incursion into Ukraine.

After eight consecutive weeks of decline, the count of operational oil rigs in the United States—considered an early harbinger of forthcoming output—held steady at 525 during the current week, as reported by energy services firm Baker Hughes.

Eric Freedman, Chief Investment Officer at U.S. Bank Asset Management, interpreted the steady rig count as indicative of U.S. producers' judicious approach to drilling and exploration. He commented, "The oil price keeps going higher but not as many companies are out looking for oil."

Amidst the landscape of fluctuating sentiment, mixed economic data from China cast a shadow this week. Although customs data indicated a year-on-year surge in crude imports, China's overall exports plummeted by 14.5% in July. This decline was accompanied by a retreat in monthly crude imports from June's near-record highs, receding to levels not observed since January.