Oil prices rose on Friday, and were on track for gains of nearly 5 percent this week, on signs some industries have begun switching fuel from high-priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now.
“A lot of catalysts are out there to keep the oil market tight,” said Edward Moya, a senior market analyst at brokerage OANDA. Moya pointed to signs of improved fuel demand as economic activity rebounds and coronavirus restrictions ease, as well as fears that a cold winter will further strain gas supplies.
