WASHINGTON (dpa-AFX) - Oil prices rose on Friday and were on course to post their biggest weekly gain since April after the International Energy Agency (IEA) raised its oil demand growth forecast for this year.
Benchmark Brent crude futures rose half a percent to $100.07 a barrel, while WTI crude futures were up 0.3 percent at $94.61.
The Brent contract was set for a 4 percent weekly gain, while WTI crude futures were on track for a weekly gain of over 5 percent.
The IEA raised its outlook for 2022 demand by 380,000 barrels per day (bpd), saying that soaring oil use for power generation in Europe and the Middle East will boost crude consumption for the rest of the year.
However, the view from the Organization of Petroleum Exporting Countries (OPEC) contrasts with that of the IEA, which cut its forecast, citing slowing world growth.
On Thursday, the OPEC cut its forecast for growth in world oil demand in 2022 by 260,000 barrels per day (bpd).
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