Brent rose to $80.58 per barrel and ends the week with growth

Oil prices are rising on Friday and end the week in positive territory. September Brent crude futures rose to $80.58 per barrel, WTI crude futures for September increased in price to $76.58 per barrel. 

Analysts note that the oil market may remain highly volatile in the short term, as traders' attention is constantly switching between supply and demand factors.

The actions of Saudi Arabia and Russia, reducing production, helped oil prices to rise this month and get out of a narrow range, and this factor may continue to support the market in the medium term. Moreover, the growing expectations of the imminent completion of the cycle of tightening the monetary policy of the US Federal Reserve against the background of slowing inflation in the country support the forecasts of demand and the oil market as a whole.

At the same time, weaker than expected growth rates of the Chinese economy negatively affect the prospects for oil demand. However, new measures to stimulate the economy from China strengthen investors' hopes for an increase in demand from the world's largest oil importer.