Brent crude oil prices for September delivery closed the week on a high note in the Asian market, reaching $82.44 per barrel on Friday. This marked a significant recovery from the previous day’s low of $78.28 per barrel.
International experts attribute the “marginal” rise in oil prices to robust US economic growth figures that surpassed forecasts, indicating a potential increase in demand for crude oil from the world’s largest energy consumer.
Data revealed that the US economy performed stronger than anticipated in the second quarter, achieving an annualized growth rate of 2.8 percent.
This growth was driven by increased consumer spending and greater business investment, according to the Department of Commerce.
Economists had projected a 2.0 percent expansion, highlighting the unexpected strength of the US economy.
