Brent crude rises to $80.27 per barrel

Oil prices rose on Friday and end the week in positive territory, Report informs via Interfax.

The cost of September futures for Brent crude on the London ICE Futures exchange on Friday was $80.27 per barrel, which is $0.63 (0.79%) higher than the closing price of the previous session.

The price of futures for WTI oil for September in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $0.62 (0.82%) to $76.27 per barrel.

The oil market may remain highly volatile in the short term as traders' attention constantly shifts between supply and demand factors, said Wael Makarem, an analyst at Exness.

Weaker-than-expected growth in the Chinese economy is hurting the outlook for oil demand, he said. At the same time, growing expectations of an early end to the Federal Reserve tightening cycle against the backdrop of decelerating US inflation support demand forecasts and the oil market as a whole.