U.S. crude oil was little changed on Friday but was on pace for a fourth straight weekly gain as falling inventories show an uptick in demand.
Oil market analysts have been forecasting a tighter market in the third quarter as summer fuel demand picks up.
U.S. inventory data appeared to confirm those forecasts, with crude stocks declining by 12.2 million barrels and gasoline falling by 2.2 million barrels last week.
UBS is forecasting that global oil demand will grow by 1.5 million barrels per day, or bpd, this year, above the long-term growth rate of 1.2 million bpd.
"As such, we still believe Brent will likely reach the USD $90/bbl mark this quarter," Staunovo said.
Persons:
Giovanni Staunovo, Brent, Staunovo
Organizations:
UBS, bbl, JPMorgan
Locations:
U.S