Oil Prices Rise, Notching Weekly Gains

Oil prices rose on Friday, recording solid gains for the week

NEW YORK, Oct. 16 (UrduPoint / Pakistan Point News - 16th Oct, 2021 ) --:Oil prices rose on Friday, recording solid gains for the week.

The West Texas Intermediate for November delivery added 97 cents, or 1.2 percent, to settle at 82.28 U.S. Dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased 86 cents, or 1 percent, to close at 84.86 dollars a barrel on the London ICE Futures Exchange.

Prices were "being lent buoyancy by the bullish tenor in yesterday's IEA monthly report," Carsten Fritsch, energy analyst at Commerzbank Research, said Friday in a note.

In its closely-watched monthly report released on Thursday, the International Energy Agency (IEA) said "the ongoing energy crisis has prompted a switch to oil that could boost demand."The Paris-based energy watchdog increased its global oil demand growth forecast by 170,000 barrels per day (bpd) to 5.5 million bpd for 2021 and by 210,000 bpd to 3.3 million bpd for 2022.

The IEA also sees oil market as being significantly undersupplied in short term.