Oil prices closed this week with gains and advanced to the longest weekly earnings streak after 2015, Brent oil saw $ 85 for the first time since October 2018.
Oil prices are heading towards the longest weekly gain streak since 2015, closing the eighth consecutive week with gains. Futures rose 1.1 percent in the New York market on Thursday, heading towards $82 a barrel, while Brent oil hit $85 for the first time since October 2018.
According to official data released by the Energy Information Administration, crude oil inventories in Oklahoma fell by around 2 million barrels.
The International Energy Agency said that rising natural gas and coal prices could increase the use of oil in electricity generation, which could increase global oil demand by 500 million barrels per day in 6 months.
Revising its 2021 oil demand growth forecast to 5.5 million barrels per day, the IEA increased its demand forecast for 2022 to 3.3 million barrels per day.
Demand for Electricity Production From Oil Will Increase Even More
IEA emphasized that the demand for electricity production from oil will increase further if the natural gas shortage experienced with the global economic recovery continues like this.
OPEC, on the other hand, updated its global oil demand forecast for this year downwards in its monthly market report and warned its members to follow the markets closely. OPEC said that with the rise in natural gas prices, the demand for oil in sectors such as energy production may increase, but the production in refineries may decrease.
West Texas Oil for November delivery advanced 0.7 percent to $82.40 a barrel on the Nymex market.
Brent oil for December delivery rose 0.7 percent to $85.60 a barrel on the London ICE Futures Europe market.