WTI Crude hits 7-year high, trades at $84/bbl

The West Texas Intermediate (WTI) crude reversed early losses to trade at almost $84 a barrel on Friday, new 7-year high and headed for a 0.5% rise for the week, as concerns over the supply in the US outweighed the easing of energy crises.

US crude inventories remain at historically low levels and OPEC+ has been struggling to add crude back to the market.

At the same time, coal and gas prices eased, curbing oil-switching in generators.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics