Brent crude futures were up 80 cents, or 0.95 per ceht, to $84.80 a barrel at 0930 GMT. Front-month prices, which earlier touched their highest since October 2018 at $85.10, are set to climb for the sixth straight week, heading for a three per cent hike this week.
U.S. West Texas Intermediate crude futures rose 73 cents, or 0.9 per cent, to $82.04 a barrel. The contract is heading for a 3.3 per cent gain on the week, up for the eighth consecutive week.Analysts pointed to a sharp drop in OECD oil stockpiles to their lowest level since 2015. Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost coming from industry turning away from expensive gas and coal to fuel oil and diesel for power.
“The fact that Asian markets are content to chase prices higher at weekly highs, instead of lurking on price dips, is a strong signal that energy demand remains robust,” OANDA senior analyst Jeffrey Halley told Reuters.The International Energy Agency on Thursday said the energy crunch is expected to boost oil demand by 500,000 barrels per day .
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