Crude oil futures ended the week on a positive note as inflation fears fade and the global supply glut slowly drains, although the International Energy Agency (IEA) did revise its demand projection downward. In the coming week, oil prices are expected to be little changed as India’s coronavirus situation lingers and fuel supplies in the US returned this week after a cyber attack forced a shutdown at the nation’s main fuel pipeline. Brent, the international benchmark for two-thirds of the world’s oil, closed the trading at $68.71 a barrel after gaining 2.48 percent. Likewise, the US West Texas Intermediate (WTI) crude futures ended higher with 2.43 percent gain to reach $65.37 a barrel. The price for Opec Basket was recorded at $66.57 a barrel with 2.39 percent decrease, Arab Light was available at $66.24 a barrel with 2.03 percent decrease while price of Russian Sokol decreased 2.16 percent to reach $67.12 a barrel. The Colonial Pipeline restarted product flows on Wednesday, although localised shortages will take time to ease. The company reportedly paid the ransom, but the operator of the ransomware group Darkside said on Friday it had lost control of its servers and some of the money it had made through ransom payments. The IEA said that the global oil supply glut that resulted from the pandemic has disappeared, due to a steep drop in supply, aided by the OPEC+ production cuts. Inventories have drained off. But the agency also revised down its oil demand forecast for 2021 by 270,000 bpd, due to lower consumption levels in Europe, OECD Americas, and India. The EIA cut its supply forecast slightly for US oil production for 2022 due to the ongoing spending restraint from E&Ps, lowering its expected output by 20,000 bpd to 11.84 mb/d.