LONDON—Oil prices rose on Friday after the West’s energy watchdog said it expected global demand to rise to a record high this year on the back of a recovery in Chinese consumption.
The International Energy Agency (IEA) also warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers.
Brent crude futures were up 22 cents, or 0.26 percent, to $86.31 per barrel at 1046 GMT. West Texas Intermediate crude futures (WTI) rose 21 cents, or 0.26 percent, to $82.37.
Both contracts were set to post a fourth consecutive week of gains amid easing concerns over a banking crisis last month and the surprise decision last week by the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia, a group known as OPEC+, to further cut output….