Following indications from U.S. inflation data that the world's largest economy's interest rates are approaching their top, global oil benchmark Brent remained above $80 per barrel on Thursday.

Before the U.S. rate-hiking cycle reaches its height, markets anticipate one more interest rate increase. Higher rates can impede economic expansion and lower demand for oil.

According to Craig Erlam, senior market analyst at OANDA, oil prices have increased by almost 12% in the past two weeks, mostly as a result of production cuts from major exporters Saudi Arabia and Russia.

The global benchmark Brent's futures contract structure suggests that the market is becoming more constrained and that OPEC may be succeeding in its goal of supporting the market.

An optimistic view for the global oil demand was maintained in an OPEC report that was also released on Thursday. With China and India projected to continue to drive the boom in fuel demand, it increased its growth projection for 2023 and forecasted only a modest decline in 2024.