MELBOURNE (Reuters) – Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of tight supply over the next few months as rocketing gas and coal prices stoke a switch to oil products.
U.S. West Texas Intermediate (WTI) crude futures rose 30 cents, or 0.4%, to $81.61 a barrel at 0156 GMT, adding to an 87 cent jump on Thursday. The contract was heading for a 3% gain on the week.
Brent crude futures rose 28 cents, or 0.3%, to $84.28 a barrel, after picking up 82 cents in the previous session, leaving the contract set for a 2.3% rise for the week.
Analysts pointed to a sharp drop in OECD oil stockpiles, to their lowest level since 2015.
