WASHINGTON (dpa-AFX) - Oil prices rose on Friday and headed for a seventh weekly gain, the longest run since December, after the U.S. Department of Energy stated that the Biden administration is not considering tapping into its emergency reserves to tackle the energy crisis in the market.
Benchmark Brent crude futures jumped 0.8 percent to $82.57 a barrel in European trade as a global energy crunch roils markets from Europe to Asia. West Texas Intermediate Crude oil futures were up 0.8 percent at $78.94.
The U.S. Energy Department stated that the agency is not considering release crude oil from its reserves, easing concerns that higher prices could be met with emergency supply.
OPEC+ stuck with a gradual boost in supply next month despite surging demand and tight supply conditions.
A supply disruption in the Gulf of Mexico following Hurricane Ida had already tightened the market before rising natural gas prices spurred additional demand for oil products like diesel and fuel oil.
While Russia offered to ease Europe's natural gas crisis, China is still facing power outages.
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