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 crude futures climbed by 84 cents, or 1.1%, to $79.14 a barrel at 0122 GMT.Both contracts rose about 1.1% on Thursday as the market resumed its climb, and were on track to jump 4% this week.
However a U.S. Department of Energy source told Reuters that a social media post by a Bloomberg reporter which said the department was not considering tapping into the SPR "at this time" was not accurate.
"An acceleration in gas-to-oil switching could boost crude oil demand used to generate power this coming northern hemisphere winter," ANZ commodities analyst said in a note, adding that U.S. distillate stocks, which include diesel and heating oil, are at their lowest heading into winter since 2000.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Raducanu to make return on Friday at Indian WellsBritish teenager Emma Raducanu will return to competition for the first time since her improbable victory at the U.S. Open in her opening match of the BNP Paribas Open at Indian Wells on Friday.
Read more »
The Black Friday And Cyber Monday Beauty Deals You Can't MissThe hair, makeup, and skincare sales you have to shop.
Read more »
The Black Friday And Cyber Monday Beauty Deals You Can't MissThe hair, makeup, and skincare sales you have to shop.
Read more »
Ship's anchor may have caused massive California oil spillFederal investigators say a ship’s anchor may have hooked, dragged and torn a massive underwater pipeline that spilled tens of thousands of gallons of crude oil into the water off Southern California.
Read more »
Column: How high are oil prices really? KempHow high are oil prices really and what signal are they currently sending to producers and consumers about the need for more output and lower fuel use?
Read more »