Brent crude oil futures rose above $64 per barrel on Friday, trimming some of the previous session’s losses as markets assessed the global oil market outlook. Key producer Saudi Aramco’s CEO downplayed concerns about a global oil glut, citing strong underlying demand in emerging economies, led by China and the US, with total consumption reaching record levels last year and expected to rise further in 2026. This comes after the International Energy Agency reiterated that global oil supply is likely to exceed demand this year, even after slightly revising its demand growth forecast upward. Oil was further supported by a softer dollar, which boosted the appeal of dollar-denominated commodities. Still, gains remained capped amid lingering concerns over rising supply, alongside the prospect of a ceasefire in Ukraine and softened US threats toward Iran. Over the week, oil prices are on track for a modest gain.