Oil ends the week in positive territory

Oil prices rose to $83.30 per barrel on Friday, ending the seventh week in a row with an increase. The asset is supported by a shortage of energy resources both in Europe and in Asian countries. Some industries have already begun to actively switch from expensive gas to oil.

The oil market was also supported by a message from the US Department of Energy that at the moment it has no plans to use strategic oil reserves to curb price growth. Although earlier, the country's energy minister Jennifer Granholm said that such a possibility is being discussed.

The current price of Brent oil is $82.72 per barrel. WTI crude oil rose to a local maximum of $79.66 per barrel, subsequently falling to $79. The weekly rally was also caused by the decision of OPEC+ and its allies to stick to plans to increase production by only 400 thousand barrels per day in November.

It is worth noting that over the past three months, Brent has risen in price by 13%, WTI – by 11%. Analysts note that the rise of the oil market was facilitated by a significant increase in oil demand in the economy recovering from the effects of the coronavirus pandemic.