Oil prices rise to the highest level in 3 years
Oil prices jumped, today, Friday, heading towards achieving weekly gains of more than 3%, amid increasing evidence of a tight supply during the next few months, with increased expectations of switching to petroleum products in light of the sharp rise in natural gas and coal prices.
Brent crude futures touched the highest level since October 2018, and rose 84 cents, or 1%, to $ 84.84 a barrel by the time (06:52 GMT).
Prices rose to the nearest maturity by 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 on Thursday.
Crude contracts are expected to achieve a 3.4% increase this week, rising 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 rebounded with the recovery from the Corona pandemic, as well as the industry’s shift from expensive gas and coal to fuel oil and diesel for energy.