Oil prices rose today after Saudi Arabia, the main producer of crude, rejected calls to increase OPEC Plus production and after the International Energy Agency said that higher natural gas prices could boost demand for oil to generate electricity.
According to Reuters, Brent crude futures rose 42 cents, or 0.5 percent, to $83.6 a barrel, after hitting the session's highest level at $84.50 a barrel. US West Texas crude contracts also rose 21 cents to $80.65 a barrel.
US crude stocks increased by 6.1 million barrels in the week ending October 8.
In a monthly report, the Energy Agency also increased its forecast for global oil demand growth in 2022 by 210,000 barrels per day to reach 96.9 million barrels per day, which is slightly higher than the pre-pandemic level.