Oil prices head for biggest weekly climb since April on supply halts

The International Energy Agency boosted its forecast for global demand growth as soaring natural gas prices and heat waves spur demand

oil, crude, petroleum
Prices have also benefited in recent days from a brief halt to supplies along a pipeline that carries crude from Russia to Europe
Bloomberg
1 min read Last Updated : Aug 12 2022 | 11:40 PM IST
Oil headed for the biggest weekly gain in four months on interruptions to supply and speculation fuel switching will buoy demand. 
West Texas Intermediate edged below $94 a barrel in Asia, but is still up more than 5 per cent this week. Six oil and gas fields in the Gulf of Mexico have been shut after a leak at a Louisiana booster station halted two pipelines. The conduits are expected to resume service on Friday, according to Shell Plc. 
 
The International Energy Agency boosted its forecast for global demand growth as soaring natural gas prices and heat waves spur demand. Global consumption will rise by 2.1 million barrels a day this year, up 380,000 a day from the agency’s previous forecast. 
In addition, the IEA said OPEC+ is unlikely to increase output in the coming months because of limited spare capacity.Crude’s substantial weekly gain follows a drop to a six-month low last week as investors fretted about the outlook for slower economic growth and weaker consumption. Prices have also benefited in recent days from a brief halt to supplies along a pipeline that carries crude from Russia to Europe. 

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Oil prciesnatural gasOil demand

Next Story