Intelligence Finance app learned that crude oil benchmark prices will mark the best weekly performance in over two months, because the market holds an optimistic outlook on the demand prospect of crude oil and gasoline, despite the downward pressure on oil prices due to delayed expectations for US interest rate cuts on Friday.

As of the time of publication, Brent crude oil futures prices fell by 42 cents to $82.33 per barrel, down 0.5%. WTI crude oil futures prices fell 51 cents to $78.11 per barrel, down 0.7%.

However, Brent crude oil and WTI crude oil rose more than 3% this week, making it the best week since April 5th.

The Organization of the Petroleum Exporting Countries (OPEC) insists that global oil demand will grow relatively strongly by 2024, while Goldman Sachs expects the US fuel demand to remain strong this summer.

This has helped to reverse the downward trend in oil prices. Last week, after OPEC+ announced a voluntary production cut extension until the end of September this year, and subsequently gradually cancelled the production cut depending on the market situation, international oil prices did not rise but fell, reflecting the market's increasingly pessimistic view of OPEC+'s production cut discipline.

Chief market analyst Tim Waterer of KCM Trade Australia said: "Overall, oil prices made a strong attempt to rebound this week."

Waterer said: "I wouldn't be surprised if the oil price started to rise from now on while the demand outlook continued to be optimistic. This is largely dependent on changes in North Hemisphere summer demand."

Russia's commitment to fulfilling OPEC+ production quotas has provided further support for oil prices. Previously, Russia said that its production in May exceeded its quota.

However, the rise of oil prices this week cooled down after the Federal Reserve kept interest rates unchanged and postponed the time of the first interest rate cut until after December.

At the same time, the International Energy Agency (IEA) said in a report on Wednesday that oil demand is expected to peak in 2029 and stabilize at around 106 million barrels per day before 2030.

The market is also paying attention to the ongoing Gaza ceasefire negotiations, which, if reached, will ease concerns about possible interruptions in oil supplies in the region.

According to reports, a senior US official said that the United States is very concerned that hostile actions along the Israel-Lebanon border could escalate into a full-scale war. He said that the region needs specific security arrangements, and that the Gaza ceasefire is not enough.