Commodity News
HeadLine : Oil climbs on switch from gas and doubts over US releasing reserves
Date : Oct 8 2021
Oil prices rose on Friday, tracking towards a 4.2% gain for the week on signs some industries have begun switching fuel from high priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now. U.S. West Texas Intermediate (WTI) crude futures climbed by 84 cents, or 1.1per cent, to US$79.14 a barrel. Brent crude futures jumped 80 cents, or 1per cent, to US$82.75 a barrel. Both contracts rose about 1.1per cent on Thursday as the market resumed its climb, and were on track to jump 4per cent this week. Overall, the week's run-up has been spurred by soaring gas prices encouraging a switch to oil for power generation and by some industries, along with a decision by the Organization of Petroleum Exporting Countries and allies led by Russia, together called OPEC+, to stick to plans to add only 400,000 barrels per day of supply in November. 

Source: Reuters

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