Oil gains for the week as supply cuts balance demand concerns

Oil gains for the week as supply cuts balance demand concerns

NEW YORK - Oil rose on Friday and posted a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes. Brent crude gained 94 cents to settle at $76.61 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Brent posted a weekly gain of 2.4% and WTI rose 2.3%. Oil has gained this week on hopes of growing Chinese demand. China's refinery throughput rose in May to its second-highest total on record and Kuwait Petroleum Corp's CEO expects Chinese demand to keep climbing during the second half. Also supporting crude are the voluntary output cuts implemented in May by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, plus an additional cut by Saudi Arabia in July. Russian Energy Minister Nikolai Shulginov said it was "realistic" to reach oil prices of around $80 per barrel, Russian state news agencies reported. Shulginov also said Russian oil and gas condensate production is expected to fall by around 20 million tonnes (400,000 barrels per day) this year, reiterating Russia's expectations. In Iran, crude exports and oil output have hit new highs