Oil prices were higher today, buoyed by tightening supplies and forecasted record global demand. The IEA estimated that global oil demand hit a record 103MM/bpd in June and could reach a new peak this month. At the same time Saudi Arabia and Russia are cutting production setting the stage for inventory declines over the rest of 2023. Supply cuts and an improving economic outlook have created more optimism among oil investors, OANDA analyst Craig Erlam said. However, he noted signs momentum was wearing thin after a sustained rally. On Thursday, Brent hit its highest since January, a day after WTI hit its highest this year. After falling for eight weeks in a row, the number of oil rigs operating in the U.S., an early indicator of future output, held steady at 525 this week, energy services firm Baker Hughes said. WTI traded up $.37 or .5% to close at $83.19. Brent traded up $.41 or .5% to close at $86.81.