Oil prices are on course for yet another weekly gain, fueled in part by supply concerns and in part by growing optimism about a ‘soft landing’ for the U.S. economy, OilPrice said.

The strength of the US economy has added fuel to the recent rally in oil prices, with the 2.4% quarter-on-quarter growth in Q2 prompting many to believe again in the possibility of a soft landing. Even though China’s hoarding of crude does not necessarily look good for the upcoming months as Chinese refiners might suddenly start buying significantly less than they do now and start running down stocks, there’s so far very little immediate downside to ICE Brent ending the week around $83-84 per barrel and posting another week-on-week gain. 

UN starts removing oil from decaying supertanker.The United Nations started the removal of more than 1 million barrels of crude stranded on a decaying tanker called Safer, which moored off the Yemeni coast for more than 30 years and was completely abandoned after the onset of civil war in Yemen in 2015.