Oil prices continue to rise – MTV Lebanon

Oil prices jumped, heading for weekly gains of more than 2 percent, amid increasing signs of tight supply over the next few months.

Brent crude futures rose 28 cents, or 0.3 percent, to $84.28 a barrel, after rising 82 cents in the previous session, heading towards a rise of 2.3 percent during the week.

US West Texas crude contracts also rose 30 cents, or 0.4 percent, to $ 81.61 a barrel, after an increase of 87 cents yesterday, to be on the way to achieving a weekly gain of 3 percent.

Analysts pointed to a sharp decline in oil stocks in the Organization for Economic Cooperation and Development, to their lowest level since 2015. Demand has rebounded with the recovery from the Covid-19 pandemic, as well as the industry’s shift from expensive gas and coal to fuel oil and diesel for energy.

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