Oil hovers below recent highs; ends week up

Oil traded just below multi-year highs on Friday with bullish sentiment about low supplies tamped by concerns from world leaders that demand disruptions from the COVID-19 pandemic may not be over, News.Az reports citing Reuters. 

Brent crude futures rose 92 cents, or 1.1%, to settle at $85.53 a barrel. The benchmark, which touched a three-year high of $86.10 on Thursday, was up 1% in the week, its seventh weekly gain.

US West Texas Intermediate crude futures gained $1.26, or 1.5%, to settle at $83.76 a barrel, not far off a seven-year high hit this week. The contract gained 1.7% on the week and was up for a ninth straight week.

Prices have been boosted by worries about coal and gas shortages in China, India and Europe, spurring some power generators to switch from gas to fuel oil and diesel.

Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration forecast.

US crude found support this week as investors eyed low crude stocks at the US storage hub in Cushing, Oklahoma.

US Energy Information Administration data on Wednesday showed crude stocks at Cushing fell to 31.2 million barrels, their lowest level since October 2018.

News.Az 

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