Meanwhile, the US government said it was monitoring energy markets but did not announce immediate measures to lower prices, such as a release of strategic oil reserves, further supporting the market.
Brent crude futures were up $ 0.44, or 0.5%, to $ 82.39 a barrel. Earlier in the week, the global benchmark had hit a three-year high of $ 83.47.
West Texas Intermediate (WTI) crude rose $ 1.05, or 1.3%, to end at $ 79.35, its highest close since October 31, 2014. Earlier the US barrel had reached the u $ s80.
US gasoline futures also closed at their highest level since October 2014 on Friday. “The fundamental backdrop is tight supplies that will continue to push prices steadily higher,” said John Kilduff, partner. of Again Capital in New York.
As energy markets have become strained by increased demand for fuel, many fear that a winter could make natural gas supplies even more difficult.
China has ordered miners in Inner Mongolia to increase coal production to ease its energy crisis.
“As other energy prices, such as natural gas and coal, continue to rise, upside risks to the oil market have started to mount,” said Christopher Kuplent of Bank of America.
The rise in prices has been spurred by rising gas prices in Europe, which has encouraged the switch to oil for power generation.
“An acceleration of the shift from gas to oil could boost demand for crude oil to generate power this coming Northern Hemisphere winter,” an ANZ commodities analyst said in a note. ANZ increased its crude demand forecast for the fourth quarter of 2021 by 450,000 barrels per day.
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