The demand outlook remains strong, leading to a fourth consecutive weekly increase in U.S. crude oil.

• Summer fuel demand is expected to increase, leading oil market analysts to forecast a tighter market in the third quarter.
• This year, UBS predicts that oil demand will increase by 1.5 million barrels per day, surpassing the long-term growth rate of 1.2 million bpd.
• This quarter, Brent crude is predicted to reach $90 per barrel by UBS and JPMorgan.

On Friday, the demand for U.S. crude oil increased, resulting in a fourth consecutive weekly gain, despite no significant change in its price.

Crude and gasoline stocks have decreased by 12.2 million and 2.2 million barrels, respectively, according to U.S. inventory data, which aligns with oil market analysts' predictions of a tighter market in the third quarter due to rising summer fuel demand.

Here are today's energy prices:

• The price of crude oil remains unchanged at $83.88 per barrel, while the U.S. crude oil market has experienced a 17% increase year to date.
• The global benchmark for crude oil is up 13% year to date, despite a slight decrease in the September contract price, which is now $87.29 per barrel, down 13 cents or 0.15%.
• The August contract price for RBOB Gasoline is $2.58 per gallon, which represents a 0.7% decrease. In comparison to the previous year, gasoline prices have increased by 23% up to the present point in time.
• The August contract price for gas is $2.32 per thousand cubic feet, a decrease of $0.04 or 1.7%. To date, gas prices have decreased by 6% year over year.

As oil inventories decline due to high demand and limited supply growth, investors are increasing their oil exposure, according to Giovanni Staunovo, a commodity analyst at UBS, in a note on Thursday.

This year, UBS predicts that global oil demand will increase by 1.5 million barrels per day, surpassing the long-term growth rate of 1.2 million bpd. The bank anticipates larger inventory reductions in the near future due to OPEC+'s continued production cuts until September.

JPMorgan predicts that Brent will reach $90 per barrel in August or September, and we still believe this is likely, said Staunovo.