Oil prices edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to the seventh straight week of gains, the longest such streak since 2022, Reuters reported. The IEA estimated that global oil demand hit a record 103 million barrels per day in June and could scale another peak this month. Meanwhile, output cuts from Saudi Arabia and Russia set the stage for a sharp decline in inventories over the rest of 2023, which IEA said could drive oil prices even higher. On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise by 2.44 million bpd this year, unchanged from its previous forecast. U.S. economic data this week also lifted market sentiment, fueling speculation that the Federal Reserve is nearing the end of aggressive rate hikes.
