• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 48 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 hours The United States produced more crude oil than any nation, at any time.
  • 3 hours China deletes leaked stats showing plunging birth rate for 2023
  • 4 days Bad news for e-cars keeps coming
  • 5 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Bounces Back on Rate Cut Optimism

Oil Bounces Back on Rate Cut Optimism

The market reacted positively to…

Why OPEC+ Failed To Put $80 Floor Under Oil Prices

Why OPEC+ Failed To Put $80 Floor Under Oil Prices

The key disappointment for the…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

WTI Oil Price Breaks $80 For The First Time Since 2014

Shale rig

Oil prices rose early on Friday, headed to another week of gains with the U.S. benchmark reaching $80 per barrel, as the world scrambles for natural gas and coal supply for the winter.

As of 10:29 a.m. EDT on Friday, WTI Crude was up 2.03% at $80.05, and the international benchmark, Brent Crude, had risen 1.76% to $83.39.

Oil prices were headed to a 4-percent gain this week amid restricted supply and rising demand, also due to a gas-to-oil switch amid record-high natural gas prices in Europe and Asia.

The OPEC+ group kick-started this week’s oil price rally after it decided on Monday to keep plans for easing the cuts unchanged, despite calls for more supply from consuming countries, including the United States. OPEC+ will increase supply in November by 400,000 barrels per day (bpd)—the minimum the market was expecting ahead of the meeting. As a result of the decision, WTI Crude prices hit their highest level in seven years.

Oil settled lower on Wednesday after the EIA reported a crude inventory build and energy prices globally fell after Russian President Vladimir Putin suggested that Russia could increase natural gas supply to Europe this winter.

On Thursday, prices reversed losses after reports that the U.S. Department of Energy was walking back previous comments that it was considering a release of the Strategic Petroleum Reserve and a ban on crude oil exports.

Tighter energy supply ahead of the winter continued to support oil prices early on Friday.

“US commercial inventories of distillates — which include diesel for public transportation and industrial use and heating needed in winter — have slumped to the lowest level since 2000 when measured on the basis of demand cover,” Vanda Insights said.

“In general, the risk of tightening markets into the winter months have not gone away, and especially the prospect of gas-to-oil switching could add another layer of demand for crude oil,” Saxo Bank said on Friday.

“A break higher in Brent could see it target the 2018 high at $86.74,” the bank’s strategy team added.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on October 08 2021 said:
    Three bullish factors are pushing crude oil prices higher, namely a robust global oil demand, a fast-declining global oil inventories and a gas-to-oil switch which could add additional 500,000 barrels a day (b/d) to global demand.

    As a result, Brent crude could hit $85 a barrel soon and possibly even reach $90 before the end of the year.

    We are now in a bull’s market.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News