Oil prices resumed their climb on Friday on continued tightness in U.S. supply, but were headed for a flat finish on the week as coal and gas prices eased, curbing fuel-switching which had stoked demand for oil products for power.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.2%, to $82.70 a barrel at 0148 GMT, reversing part of Thursday’s 92 cent loss.
Brent crude futures climbed 24 cents, or 0.3%, to $84.85 a barrel, recouping some of the previous session’s $1.21 slump. Brent touched a three-year high of $86.10 on Thursday but was on track to end the week unchanged.
The market hit multi-year highs earlier in the week on worries about coal and gas shortages in China, India and Europe, which spurred fuel-switching to diesel and fuel oil for power.
Reference: CNBC
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