With the recovery from the COVID-19 pandemic, with further boost from power generators, which are shifting from costly gas and coal to fuel oil and diesel, demand has picked up.
see photosUS West Texas Intermediate (WTI) crude futures rose 97 cents, or 1.2%, to $82.28 a barrel.
Oil prices fell to a three-year high on Friday at $85 a barrel, fueled by forecasts of a supply deficit in the next few months as demand eased from travel restrictions related to the coronavirus. Brent crude futures were up 86 cents, or 1%, at $84.86 a barrel. The front-month price jumped 3% weekly, touching its highest level of $85.10 since October 2018, its sixth consecutive weekly gain.
US West Texas Intermediate (WTI) crude futures rose 97 cents, or 1.2%, to $82.28 a barrel. The week was up 3.5% for the eighth consecutive weekly increase.
With the recovery from the COVID-19 pandemic, with further boost from power generators, which are shifting from costly gas and coal to fuel oil and diesel, demand has picked up.
The White House said it would lift the COVID-19 travel ban for fully vaccinated foreign nationals effective November 8, boosting demand for jet fuel.
Meanwhile, global supplies are expected to remain tight due to a sharp decline in oil reserves in the United States and member countries of the Organization for Economic Co-operation and Development.
The International Energy Agency said Thursday that the energy crisis is expected to increase oil demand by 500,000 barrels per day (bpd).
Edward Moya, senior market analyst at OANDA, said, “It will take a trifecta of events to derail this oil price rally: OPEC+ unexpectedly increases production, warm weather hits the Northern Hemisphere, and if the Biden administration exploits strategic petroleum reserves.”
US energy firms added oil and natural gas rigs this week for the sixth straight week as rising crude prices prompted drillers to return to the wellpad. The US oil and gas rig count, an early indicator of future production, rose to 543 in the week to October 15, the highest since April 2020, energy services firm Baker Hughes Co. Said in the report made.
The International Energy Agency said Thursday that the energy crisis is expected to increase oil demand by 500,000 barrels per day (bpd).
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This would result in a supply gap of about 700,000 bpd by the end of this year, unless the Organization of Petroleum Countries and Allies, called OPEC+, added more supplies than planned in January.
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