Oil prices are set to end the week up by more than 7%

Al-Anbat-Rahaf Abdullah 

The oil price rose in early Asian transactions on Friday, after a 2% drop in previous session during a rate hike by central banks, it is set to end the week's transactions higher after a series of positive oil demand forecasts.

By 01:09 GMT, Brent crude futures rose 36 cents, or 0.4%, to $81.57 a barrel.

The two crudes are heading towards ending the week, up by more than 7%, according to "Reuters".

The market received support this week by the International Energy Agency's forecast  after demand Chines demand will recover next year after shrinking in 2022 to 400 thousand bpd. 

The IEA raised their forecast of increasing the demand of oil in 2023 to 1.7 Million bpd.

The OPEC announced on Tuesday its commitment to its forecast for increase global demand of2.55 Million bpd this year and 2.25 Million bpd in the next year after multiple cuts, saying that although the economic slowdown is "absolutely clear", a potential rise stems from, among others things, asing China's "0 Covid" policy.