Oil prices ended the week with a 1% increase, closing at $82.12 per barrel, although they experienced a weekly decline due to concerns that strong US economic data could lead to prolonged high interest rates, subsequently reducing fuel demand.
Brent crude futures for July delivery rose by $0.76 on Friday, reaching $82.12 per barrel.
International experts anticipate an increase in summer demand in the United States starting this weekend, leading some investors to question whether the recent sell-off was overdone.
Tim Evans, an independent energy analyst, noted that market sentiment was impacted by concerns over the Federal Reserve’s monetary policy and the rise in US crude oil inventories last week.
The minutes from the Fed’s latest meeting, released on Wednesday, revealed that policymakers debated whether the current base rate was sufficient to control persistent inflation. Some members were open to raising borrowing costs further if inflation rates accelerate.
