Mubasher: Oil future grew at Friday’s settlement, rising 0.7% for the week.

September Nymex WTI went up to $0.4, or 0.7%, to close at $54.87 per barrel.

On Friday, OPEC cut its outlook for global oil demand for the rest of the year, citing sluggish economic growth and rising supplies from rivals, a move that should justify maintaining the supply cuts in place.

Global oil consumption is now set to grow by 1.10 million barrels per day (bpd), 40,000 bpd lower than the prior forecast, OPEC’s research arm said in its monthly oil market report (OMR).