Oil prices jumped on Friday, heading for weekly gains of more than 3 percent, amid increasing evidence of tight supply over the next few months, with increased expectations of a shift to petroleum products in light of the sharp rise in natural gas and coal prices.<\/p>\n\n\n\n
Brent crude futures touched their highest since October 2018, and rose 84 cents, or 1 percent, to $84.84 a barrel by 11:30 GMT. Prices for the month of the nearest maturity rose 3 percent this week, heading for a sixth consecutive week of rising.<\/p>\n\n\n\n
West Texas Intermediate crude futures rose 74 cents, or 0.9 percent, to $82.05 a barrel, after rising 87 cents on Thursday. And crude contracts are about to achieve a 3.4 percent increase this week, to rise for the eighth consecutive week.<\/p>\n\n\n\n
Analysts pointed to a sharp decline in oil stocks in the Organization for Economic Cooperation and Development, to their lowest level since 2015.<\/p>\n\n\n\n
Demand has rebounded with the recovery from the COVID-19 pandemic, as well as the industry shifting away from expensive gas and coal to fuel oil and diesel for power.<\/p>\n\n\n\n
The US Energy Information Administration said on Thursday that crude stocks rose by 6.1 million barrels in the week ending October 8 to 427 million barrels, compared to expectations of analysts in a Reuters poll of an increase of 702,000 barrels.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices jumped on Friday, heading for weekly gains of more than 3 percent, amid increasing evidence of tight supply over the next few months, with increased expectations of a shift to petroleum products in light of the sharp rise in natural gas and coal prices. Brent crude futures touched their highest since October 2018, …<\/p>\n","protected":false},"author":9,"featured_media":52825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-52824","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=52824"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52824\/revisions"}],"predecessor-version":[{"id":52826,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52824\/revisions\/52826"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52825"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=52824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=52824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=52824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}