Oil finishes the week on the rise, despite expectations of economic slowdown

Oil is about to end the week on the rise after a series of positive forecasts regarding fuel demand.

This week, the market found support from the predictions of the International Energy Agency about the recovery of oil demand in China next year. The agency raised its 2023 estimate for black gold demand to 1.7 million barrels per day.

On Tuesday, OPEC stuck to its projections for global oil demand growth of 2.55 million bpd this year and 2.25 million bpd next year. The cartel said that although the slowdown in the economy is "quite evident", the potential for growth in the price of black gold still exists. According to the organization, the increase in the cost of fuel may occur due to the easing of zero-COVID policy in China.

As for bearish demand news, the US Fed stated that interest rates will be raised next year despite the economy heading towards a possible recession.

The stronger the US currency, the more expensive oil is for those who use other currencies.