OPEC+ production cutbacks and increased Chinese demand drove up oil prices on Friday, helping the commodity score a weekly gain amid forecasted global economic downturn and the possibility of more interest rate rises.

A barrel of Brent crude ended the day up 94 cents at $76.61. WTI crude for the US increased $1.16 to reach $71.78.

WTI increased 2.3% and Brent gained 2.4% during the past week.

This week, oil prices increased in anticipation of rising Chinese demand. China’s refinery throughput increased in May to its second-highest total ever, and the CEO of Kuwait Petroleum Corp. anticipates continued growth in Chinese demand during the second half.

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