Oil prices rose after Saudi Arabian Energy Minister Abdulaziz bin Salman said caution should be exercised regarding global oil production.
Oil prices rose above $86 a barrel as Saudi Arabia indicated that global oil production needed to be cautious and demand was still under the impact of the epidemic.
Global benchmark Brent crude closed the seventh consecutive week up 1 percent, while West Texas Oil saw its highest level since 2014.
Saudi Arabian Energy Minister Abdulaziz bin Salman said in an interview with Bloomberg that producers should not take the rise in prices for granted because demand could still be affected by the risks posed by the epidemic. However analysts stated that global oil demand has exceeded 99 million barrels per day and may soon reach 100 million barrels per day, which is the pre-epidemic level. Analysts think rising natural gas prices and rising oil demand for electricity generation are affecting around 1 million barrels per day.
While oil prices have nearly doubled in the past 12 months, the recovery in global economies also raises concerns about inflation. Fuel consumption has increased along with the reviving economies, OPEC countries have made a limited relaxation in the harsh production cut measures they have put into practice in 2020.
Brent oil for December delivery rose 0.1 percent to $86.37 a barrel on the London ICE Futures Europe market.
West Texas Oil for December delivery was up 1.1 percent on the Nymex market at $84.70 a barrel.