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OPEC's bid for USD80 and above oil got a boost from ally Russia this week as Moscow's increasingly desperate offensives against Ukraine raised supply concerns in a market already besieged by the oil cartel's rhetoric over cuts.
Crude prices settled up a 4th straight week as Russia continued to target Ukrainian food export facilities on Fri, seizing ships in the Black Sea and escalating tensions after withdrawing from a U.N.-brokered safe sea corridor agreement.
OPEC meanwhile continued its megaphone policy as Suhail al-Mazrouei, energy minister of the UAE, told Reuters in an interview that the oil cartel is "only a phone call away" if more choking of the oil market is needed.

Brent oil for Sep delivery finished Fri's session up 1.8% at USD81.07. For the week itself, the global crude benchmark gained 1.5%.

WTI crude for delivery in Sep settled up 1.9% at USD77.07. For the week itself, the U.S. crude benchmark was up 2.2%.

On a monthly basis, crude has climbed about 9% in July after June's 4% gain. The run-up comes amid Saudi and Russian rhetoric about production cuts - an additional 1 m bpd each for the kingdom and half a million a day pledged by Moscow - as well as receding inflation data that suggested the Fed will be less aggressive with interest rates going forth.

Notwithstanding those gains, the market has had trouble reaching beyond the OPEC target of USD80 and above due to dismal growth data out of China, and spotty demand for gasoline in top oil consumer the United States - despite the advent of summer travel, which usually results in runaway usage of fuels.
“Next week, energy traders will have to pay attention to global flash PMI readings, a handful of major energy companies earnings, the standard weekly stockpile data points and some energy conferences which could provide some insight for the future shifts with supply and demand," said Ed Moya, analyst at OANDA. "WTI crude might continue its consolidation pattern between the USD74 to USD77 level."