Oil prices are up 4% on the week, buoyed by a global energy crunch that has helped gas prices to record highsLondon — Oil prices rose on Friday to trade 4% up on the week, buoyed by a global energy crunch that has helped gas prices to record highs and prompted China to demand increased coal production.
China ordered miners in Inner Mongolia to ramp up coal production on Friday to help alleviate the country’s energy crunch. Brent crude futures rose 58 cents, or 0.7%, to $82.53 a barrel by 11.30am GMT while US West Texas Intermediate crude futures rose $0.60, or 0.8%, to $78.90. The price run-up has been spurred by soaring European gas prices, which have encouraged a switch to oil for power generation, and a decision by the Organization of Petroleum Exporting Countries and allies led by Russia to stick to plans to add only 400,000 barrels per day of supply in November.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MARKET WRAP: JSE tracks global markets lowerInvestors are growing increasingly concerned about rising energy prices and their effect on inflation globally
Source: BDliveSA - 🏆 12. / 63 Read more »
MARK GILBERT: The evidence is piling up: inflation does not look transitoryRising energy prices and supply chain disruptions undermine Bank of England’s optimism that inflation will settle
Source: BDliveSA - 🏆 12. / 63 Read more »
Global stocks take a beating on growing inflation angstBond yields spike and dollar strengthens as rising energy prices spark fresh concern that interest rates are set to rise
Source: BDliveSA - 🏆 12. / 63 Read more »