Oil prices near highest since 2018 on global energy crunch
Oil held steady near the highest close since 2018, with the global energy crunch set to increase demand for crude as stockpiles fall from the US to China.
Futures in London headed for a third weekly gain. Global onshore crude stocks sank by almost 21 million barrels last week, led by China, according to data analytics firm Kayrros, while US inventories are near a three-year low.
The surge in natural gas prices is expected to force some consumers to switch to oil, tightening the market further ahead of the northern hemisphere winter.
China on Friday sold oil to Hengli Petrochemical and a unit of PetroChina in the first auction of crude from its strategic reserves, said traders with knowledge of the matter.
