Oil Prices
Oil prices rose during trading on Friday, and Brent crude rose above $85 a barrel, for the first time since October 2018.
Brent crude futures rose 1.04% to $85.02 a barrel, bringing the mix to its highest level since October 2018.
Meanwhile, US West Texas Intermediate crude was traded at $82.09 a barrel, an increase of 0.96% over the previous closing price, according to trading.
The rise comes amid increasing signs of a tight supply over the next few months, with increased expectations of switching to petroleum products in light of the sharp rise in natural gas and coal prices.
Oil demand has rebounded with the recovery from the COVID-19 pandemic, as well as the industry’s shift from expensive gas and coal to fuel oil and diesel for energy.
Analysts also pointed to a sharp drop in oil stocks in the Organization for Economic Cooperation and Development, to their lowest level since 2015.
