WASHINGTON (dpa-AFX) - Oil prices moved higher on Friday amid concerns about the outlook for supply due to rising tensions in the Middle East where Iran is reportedly set to launch retaliatory attack on Israel.
Oil prices climbed despite the International Energy Agency (IEA) lowering its demand forecast for the year.
West Texas Intermediate Crude oil futures for May ended higher by $0.64 at $85.66 a barrel.
Brent crude futures were up $0.54 or 0.6% at $90.28 a barrel a little while ago.
Both WTI Crude futures and Brent futures posted losses for the week.
Following the alleged Israeli attack on the Iranian consulate in Damascus, Syria, reports suggest that the top Iranian leadership is planning a retaliatory attack on Israel within the next 48 hours.
Iran is said to be weighing the political risks of a direct attack on Israel.
Meanwhile, Israeli Prime Minister Benjamin Netanyahu said the country will carry on with the war in Gaza.
The IEA said in its monthly oil market report that it expects oil demand growth to be 1.2 million barrels per day, lower than its March estimate of 1.3 million barrels per day. The agency expects demand growth will likely drop further next year to about 1.1 million barrels per day.
However, OPEC had said in its latest monthly report that world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025.
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