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West Texas Intermediate crude futures, the benchmark for U.S. oil, crossed $ 80 a barrel on Friday for the first time since November 2014, as demand rebounds as supply remains tight.
The benchmark US oil index jumped more than 2% to trade as low as $ 80.09 on Friday. Brent crude, the international benchmark, rose 1.7% to $ 83.32 per barrel.
Oil prices have jumped in recent days alongside a broader recovery in commodities, especially natural gas and coal, amid an energy crisis sweeping across Europe and Asia.
WTI is on track for its seventh consecutive positive week, its longest winning streak since December 2013. For the year, WTI and Brent are now up over 60%. Natural gas was little changed on Friday, dipping slightly to $ 5.67 per million British thermal units. Prices have more than doubled since the start of the year.
“In what has been another successful week, oil prices continue to rise as tight global energy supplies reduce fuel availability,” Louise Dickson, senior oil markets analyst, said Friday. at Rystad Energy.
Oil prices rose earlier this week after OPEC and its allies opted to stick to a pre-agreement to increase production by a modest 400,000 barrels per day in November despite the recent fuel shortage . Prior to this meeting, some believed the group might choose to bring more production online to meet growing demand. Crude also received a boost Thursday after the Energy Department said it currently has no plans to tap the strategic oil reserve in a bid to curb price increases.
“The DOE continues to monitor the supply of the global energy market and will work with our agency partners to determine if and when action is needed,” the agency said in the statement. “All of the tools in the Toolkit are still under review to protect the American people, there is no immediate plan to take these steps at this time.”
Rising oil prices translate into higher prices at the pump, and consumers in the United States pay the most for gasoline in seven years. The national average for a gallon of gasoline stood at $ 3.26 on Friday, according to AAA, more than $ 1 more than last year.
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