The prices of oil exceeded $ 85 a barrel due to the forecast of a supply deficit in the coming months, since gas prices and Coal triggered a shift towards crude oil products.
The futures of Brent crude they rose 82 cents, or 0.98%, to $ 84.82 a barrel in early trading on Oct. 15. It is shaping up to rise for the sixth week in a row, heading for a 3% increase this week.
Crude futures West Texas Intermediate (WTI) rose 81 cents, or 1%, to $ 82.12 a barrel. The contract is heading for a 3.5% gain on the week, for the eighth week in a row.
Analysts noted a sharp drop in reserves of Petroleum OECD to its lowest level since 2015. Demand has been superimposed with the recovery from the COVID-19 pandemic, with an additional boost coming from the industry moving away from expensive gas and coal and turning it into fuel oil and diesel for power.
The International Energy Agency said Thursday October 14 that the energy crisis is expected to boost demand for oil by 500,000 barrels per day (bpd).
Investors shrugged off a larger-than-expected gain in US crude stocks last week as oil executions from refineries fell.
Crude inventories rose 6.1 million barrels in the week through Oct. 8 to 427 million barrels, compared with analysts’ expectations in a Reuters poll of a 702,000-barrel rise, the company said on Thursday. Energy Information Administration.
With information from Reuters.
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