Oil prices rose in the morning session on October 8, due to signs that some industries have begun to switch fuel from high-priced gas to oil.
The price of US crude oil (WTI) rose 84 US cents, or 1.1%, to 79.14 USD/barrel.
Brent crude oil futures rose 80 US cents, or 1%, to $82.75 a barrel.
Both contracts were up about 1.1% on Thursday as the market continued to rise and are on track to rally 4% this week.
Overall, the week’s rally was fueled by higher gas prices encouraging a shift to oil for power generation and certain industries, along with a decision by the Organization of the Petroleum Exporting Countries and other countries. OPEC+ allies are expected to add only 400,000 barrels per day of supply in November.
Soaring gas prices and the extent of the fuel-to-oil transition will be key factors to watch for now, analysts say.
“The accelerating transition from gas to oil could boost demand for used crude this coming north-east winter,” said ANZ commodities analyst.

OPEC+ cut production by a record of about 10 million barrels per day in April 2020, or about 10% of global output, after world restrictions to limit the spread of the COVID-19 epidemic were lifted. reduce oil demand and impact fuel prices.

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