Crude oil prices have risen for a second week amid signs of improving demand and falling oil and fuel inventories in the U.S., the world's biggest oil consumer.
Oil prices are poised for a third straight weekly jump, buoyed by growing expectations that the U.S. central bank will soon start to cut interest rates.
Crude oil prices increased this week as market players turned optimistic about demand despite conflicting signals from OPEC and the IEA.
Oil prices were mixed this week as the expectation that OPEC+ will maintain crude supply curbs at its June 2 meeting, while the start of U.S. summer driving season and a weaker dollar also boosted the commodity.
Crude oil prices resulted in another weekly loss after the U.S. Federal Reserve signaled once again it had no immediate plans to start cutting rates, in turn impacting consumer confidence and therefore potential oil demand.
Oil prices posted their sharpest weekly losses in three months last week as investors priced out the risks of a direct and wider conflict between Israel and other big oil producers in the region.
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