Oil prices soared on Friday as the West's energy agency predicted that this year's worldwide demand will reach a record high due to a rebound in Chinese consumption.

The International Energy Agency (IEA) also issued a caution, stating that the output reductions announced by OPEC+ countries run the risk of escalating the current oil supply gap and harming consumers.

Brent crude futures edged up by 0.26% to $86.31 per barrel while WTI futures ticked up by 0.26% to $82.37 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers, collectively known as OPEC+, unexpectedly decided to further cut output last week, which helped both futures score their fourth week in a row of gains.

However, OPEC on Thursday highlighted potential downside risks to summer oil consumption as part of the rationale behind its decision to reduce supply by an additional 1.16 million bpd.

According to the IEA, the global oil supply would decrease by 400,000 bpd by the end of the year due to an estimated 1 million bpd increase in production from non-OPEC+ countries starting in March as opposed to a 1.4 million bpd decline from the producer group.