EnergyWatch

Oil surges on reduced supply outlook

Crude prices continue upward Friday morning, underpinned by signs of reduced supply in the coming months as more consumers switch from gas and coal to oil.

Photo: Magnus Holm/Politiken/Ritzau Scanpix

A barrel of European reference oil Brent trades Friday morning CET for USD 84.6 against USD 84.11 Thursday afternoon. US benchmark West Texas Intermediate at the same time costs USD 81.81 against USD 81.05.

Oil stockpiles in OECD nations are at the lowest level since 2015, analysts say, as demand has caught up after the coronavirus pandemic.

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