Oil prices witnessed an increase, recording gains for the fifth week in a row, amid optimism among investors that prices will continue to rise, thanks to the recovery in demand and supply cuts.
The benchmark rose about 5% this week, supported by the supply cuts announced by the OPEC + alliance earlier this month. The two benchmarks are on track to record gains of 13% during the month
Brent crude rose 75 cents to $84.99 a barrel at the close on Friday, while West Texas Intermediate crude rose 49 cents to $80.58 a barrel.
And expectations of demand growth increased after US gross domestic product grew in the second quarter at a rate of 2.4%, which exceeded expectations and supports the view of Jerome Powell, Chairman of the Federal Reserve, according to which the economy is capable of achieving what is called a “soft landing.”
Source: National Iraqi News Agency