Brent crude futures rose more than 1% to above $78 a barrel on Friday, the highest since October 2018 and widening a weekly gain to 3.6 per cent amid global supply concerns following storms in the US that damaged facilities on the Gulf coast.
WTI crude rose for the fifth consecutive week, with futures up almost 3 per cent to an 8-week high of $73.98 a barrel boosted by growing fuel demand and falling US crude inventories.
Disruptions in US Gulf Coast production following Hurricane Ida and other storms have led to sharp draws in US and global inventories. EIA data showed US crude stocks fell by 3.5 million barrels to 414 million last week, the lowest since October 2018. Capping some gains was China’s first public sale of state oil reserves. State-owned PetroChina and private refiner and chemical producer Hengli Petrochemical bought four cargoes totaling about 4.43 million barrels.