The West Texas Intermediate for November delivery added 87 cents to settle at 81.31 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased 82 cents to close at 84 dollars a barrel on the London ICE Futures Exchange.
The market reactions came as the International Energy Agency (IEA) said in its monthly oil report that "the ongoing energy crisis has prompted a switch to oil that could boost demand."
The Paris-based energy watchdog increased its global oil demand growth forecast by 170,000 barrels per day (bpd) to 5.5 million bpd for 2021 and by 210,000 bpd to 3.3 million bpd for 2022.
Meanwhile, a hefty rise in U.S. crude stockpiles weighed on the market.
U.S. crude oil inventories increased by 6.1 million barrels during the week ending Oct. 8, the U.S. Energy Information Administration (EIA) reported on Thursday. Analysts polled by S&P Global Platts expect the EIA publications to show a fall of 500,000 barrels in U.S. crude supplies.
Latest comments