WTI crude futures settled at $79.19 per barrel on Friday, touching the highest level since November and poised to mark gains for the second consecutive week. Geopolitical tensions in the Middle East and efforts by OPEC+ to restrict oil supply provided support to oil prices. Additionally, oil prices climbed over 1% on Thursday following weaker-than-expected US retail sales data, which triggered a dollar selloff. However, the International Energy Agency (IEA) cautioned in its monthly report that global oil demand is losing steam, citing a significant decline in Chinese demand. The IEA revised its 2024 global oil demand forecast to 1.22 million barrels per day from the previous estimate of 1.24 million bpd. Furthermore, it anticipated a supply increase of 1.7 million bpd this year, surpassing its prior projection of 1.5 million bpd.
