oil futures rose friday with us and global crude benchmarks scoring a fourth straight weekly rise on expectations the second half of 2023 will see a tightening of supplies in the crude market oil futures have bounced in july with wti up over 9 and brent up more than 8 trimming yeartodate losses factset data show weakness in crude prices in 2023 has been attributed to worries that interestrate rises by global central banks will spark a sharp economic downturn while a disappointing rebound by china after the lifting of strict covid19 curbs has also been a factor any upside on oil is capped by the gloomy outlook for the chinese economy said ricardo evangelista senior analyst at activtrades china is struggling to recover the growth levels we had been used to in the prepandemic years and being the worlds largest crude importer that is denting future oil demand prospects the announcement on wednesday that beijing plans to deploy economic stimulus measures brought some hope to oil traders he said in market commentary such measures could reset expectations upgrading demand forecasts and boosting oil prices expectations central banks are near the end of their interest rate hiking cycles and that the economy may prove more resilient than feared have accompanied crudes rebound supply cuts by saudi arabia and russia are also kicking in amid expectations the market was set to move into deficit in the second half also seebaker hughes data show active us oildrilling rig count down a 6th straight week as markets are beginning to recognize supplies tightening investors will keep an eye on the us federal reserve meeting next week that is currently expected to raise rates another 25 basis points stonexs kansas city energy team led by alex hodes wrote in fridays newsletter all eyes will be on fed chairman jerome powells speech looking for any signs on whether this could be the final rate hike this year or if he expects more to come readeveryone thinks the feds rate hike next week will be the final one  except the fed also on nymex friday naturalgas futures notched a weekly rise of 69 but held onto a monthtodate loss of 3 with prices down 39 so far this year readwhy scorching summer temperatures havent yet led to a lasting rally for natural gas this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal