Oil prices rise 1%, maintain gains for 8th straight week

Oil drilling rigs

Oil prices rose 1% on Oct. 15, boosted by strong demand and tight supply of crude amid a global energy crisis.

Accordingly, oil prices rose for the eighth straight week, driven by the continued recovery of global economy from COVID-19 pandemic.

RBC Capital Markets analysts said the global oil market is preparing for a strong bull cycle, led by supply tightening and demand strengthening at the same time.

They added that the oil market remains in the early days of a multi-year, structurally strong cycle, Reuters reported.

Goldman Sachs also confirmed that oil prices would remain at high levels over the coming years, stressing that global demand is expected to rise to record levels in 2022 and 2023.

The benchmark Brent crude futures for December delivery rose by 1%, or 86 cents, to settle at $84.86 a barrel.

West Texas Intermediate (WTI) crude oil futures also increased 1.2%, or 97 cents, to reach $82.28 a barrel, recording weekly gains of around 3.7%.