Crude prices rise as industries favor oil over gas

This week, the price on both Brent and WTI surged by around 4.7 percent after increasing gas prices made oil more attractive to industries.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

Oil prices continue their skyward journey Friday morning CET upon dipping on Wednesday and Thursday as the fossil fuel is once again in the good graces of a number of industries now switching from gas.

Prices are also underpinned by doubt as to whether the US Department of Energy will open emergency oil reserves in the near future.

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