Oil prices rose during trading today, Friday, the twelfth of July, but they are heading towards their first weekly losses in five weeks, amid fears of a slowdown in demand for oil in China.
In terms of trading, Brent crude futures rose by about 0.5% to $85.85 per barrel. US crude futures also rose by 0.6%, recording $83.15 per barrel.
Brent crude futures are heading to fall by about 1% on a weekly basis after four weeks of gains. WTI futures remained generally stable during the week and are expected to decline 0.1%.
Investor confidence received support after data showed yesterday, Thursday, a decline in consumer prices in the United States in June, which raised hopes that the US Federal Reserve will reduce interest rates soon.
A lower interest rate usually promotes economic growth, which helps increase fuel consumption. However, the market is still waiting for clearer indicators to build on.
But at the same time, a new report by the International Energy Agency warned of a decline in demand for crude, with the momentum of Chinese economic recovery reaching its peak, and the agency also revealed that global demand for oil grew at the slowest pace since the end of 2022 in the second quarter of 2024.
