Oil touches the highest level in 3 years

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Dammam – Sherif Ahmed – Oil prices jumped yesterday, Friday, heading towards achieving weekly gains of more than 3%, amid increasing indications of tight supply during the next few months, with increased expectations of switching to oil products in light of the sharp rise in natural gas and coal prices.

Brent crude futures touched their highest level since October 2018, rising 84 cents, or 1%, to $84.84 a barrel. Prices for the month of the nearest maturity rose 3% this week, heading towards the rise for the sixth consecutive week.

West Texas Intermediate crude futures rose 74 cents, or 0.9%, to $82.05 a barrel, after rising 87 cents yesterday. And crude contracts are about to achieve a 3.4% increase this week, to rise for the eighth consecutive week.

Analysts pointed to a sharp decline in oil stocks in the Organization for Economic Cooperation and Development, to their lowest level since 2015.

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.

Analysts said the energy crisis, particularly in coal and gas, has benefited oil.

Yesterday, the US Energy Information Administration said that crude inventories increased by 6.1 million barrels in the week ending October 8 to 427 million barrels, compared to analysts’ expectations of an increase of 702,000 barrels.

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Oil touches highest level years

 
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