Oil Prices on the Rise

Oil prices increased by 4.5% this week, owing to signs that some businesses are beginning to shift away from high-cost gas and toward oil, despite concerns that the US government will withdraw supplies from its strategic oil stockpile, at this time.

Brent blend futures rose 93 cents, or 1.1%, to $82.88 a barrel by the close of the Tokyo Stock Exchange.

West Texas Intermediate (WTI) crude futures, in the Wall Street, increased $1.02, or 1.3%, to $79.32 a barrel.

“oil prices increased after the US Department of Energy declared it has no plans ‘for the time being’ to dig into US strategic oil reserves, to dampen the rally in oil prices,” Commonwealth Bank analyst Vivek Dahar wrote in a note, according to Arabian CNC.

However, a source at the US Department of Energy told Reuters that a Bloomberg correspondent’s social media post, was claiming that the department was not considering withdrawing from the strategic reserve “at the moment” is inaccurate, adding that all “tools are always on the table” to address energy supply scarcity.