Optimistic demand outlook, crude oil set to achieve its best weekly performance in over two months

Benchmark oil prices are set to achieve their best weekly performance in over two months, as the market holds an optimistic outlook on the demand prospects for oil and fuel. Both Brent crude and WTI crude have seen gains of over 3% this week, marking the best week since April 5th. The Organization of the Petroleum Exporting Countries (OPEC) forecasts a relatively strong growth in global oil demand by 2024, while Goldman Sachs expects robust fuel demand in the U.S. this summer. Russia has pledged to fulfill its production obligations under the OPEC+ agreement, providing further support to oil prices. Improved demand prospects and OPEC+ production discipline have helped reverse the downward trend in oil prices. The price of oil may be influenced by changes in demand during the summer in the Northern Hemisphere