Oil prices rise on strengthening demand

ANKARA

The uptick in global oil demand pushed oil prices higher on Friday.

International benchmark Brent crude was trading at $105.32 per barrel at 09.50 a.m. local time (0650 GMT) for a 1.41% increase after the previous session closed at $103.86 a barrel.

American benchmark West Texas Intermediate (WTI) was at $97.66 per barrel at the same time for a 1.36% raise after the previous session closed at $96.35 a barrel.

Strong demand signals in Asia, combined with data showing a rise to record high levels in gasoline demand in India in June, support upward price movements.

A possible price cap on Russian oil is also pushing prices up. US Deputy Treasury Secretary Wally Adeyemo hinted on Wednesday that there could be an agreement on capping the price of Russian oil by December.

However, recession fears in Europe and the US, which could curb global oil demand growth, continue to limit oil price increases.