Oil prices have also been buoyed by concerns over coal and gas shortages in China, India and Europe, which prompted the fuel to switch to diesel and fuel oil for electricity.
see photosUS crude has risen for nine consecutive weeks, while Brent has risen for seven.
Oil prices hit multi-year highs on Monday before stabilizing, beyond tight global supply and firming fuel demand and supported prices in the United States.
Brent crude futures rose 46 cents to $85.99 a barrel. The contract hit a session high of $86.70 a barrel, the highest level since October 2018.
US West Texas Intermediate (WTI) crude futures were unchanged at $83.76 per barrel, reaching $85.41 per barrel, the highest since October 2014.
Both benchmarks have climbed nearly 20% since the start of September. US crude has risen for nine consecutive weeks, while Brent has risen for seven.
In India, crude oil inflows to refiners in September were higher than the previous month
Lewis Dixon said, “As the global energy supply crisis continues to show its teeth, as oil prices continue their upward trajectory this week, traders’ pricing is the result of an ongoing increase in fuel demand – which limits supply.” Amid the reaction is depleting global reserves.” Senior Oil Market Analyst at Rystad Energy.
Goldman Sachs said a strong rebound in global oil demand could push Brent crude prices above its year-end forecast of $90 a barrel. The bank estimates that gas-to-oil switching could contribute at least 1 million barrels per day (bpd) to oil demand.
Petrol and distillate consumption in the United States, the world’s largest fuel consumer, is in line with a five-year average, after more than a year of declining fuel demand.
Oil prices have also been buoyed by concerns over coal and gas shortages in China, India and Europe, which prompted the fuel to switch to diesel and fuel oil for electricity.
“The reason we’re seeing strength today is manifold, but one of them is fuel switching,” said Bob Yeager, director of Energy Futures at Mizuho.
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In India, crude inflows to refiners in September were higher than the previous month, government data showed on Friday, as refineries ramped up production to meet rising demand.
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