Oil prices rose to their highest level in three years, exceeding $85 a barrel at the end of trading on Friday, supported by expectations of a shortfall in supply during the past few months, and an increase in demand with the easing of travel restrictions.
According to “CNBC” Arabia, Brent crude futures rose 86 cents, or 1%, to $84.86 a barrel upon settlement, after prices earlier touched the highest level since October 2018 at $85.10 a barrel, and rose during the week 3% to record gains for the sixth consecutive week.
US West Texas Intermediate crude futures rose 97 cents, or 1.2%, to $82.28 a barrel. Crude rose 3.5% this week, rising for the eighth consecutive week.
Demand rebounded as the recovery from the coronavirus pandemic deepened, as the industry shifted away from expensive gas and coal, to fuel oil and diesel.
Global supplies are expected to remain under pressure due to a sharp decline in oil inventories in the Organization for Economic Cooperation and Development, and in the United States.
The International Energy Agency said last Thursday that the energy crisis is expected to boost oil demand by 500,000 barrels per day.
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Source: District newspaper
tagsEconomic news, business news, stock market events, stock market today, stock market now
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