West Texas Intermediate crude oil futures crossed $80 per barrel on Friday, marking a rebound in demand and tight supply.
On Friday, the U.S. crude oil benchmark rose more than 2% and traded as high as $80.09 per barrel. Brent crude oil, an international benchmark, rose 1.7% to $83.32 a barrel.
In the face of an energy crisis in Europe and Asia, oil prices have risen in recent days.
John Kilduff of Again Capital said that "the $80 print was an inevitable outcome." He said that despite the increase in U.S. crude oils inventories, the global market is still tight and in a supply gap. "Unless and until OPEC+ takes meaningful steps to increase supplies, prices will continue to climb," he stated.
WTI is currently on track to record its seventh consecutive positive week. This marks the longest winning streak in a weekly basis since December 2013. WTI and Brent have increased more than 60% for the year. On Friday, natural gas prices were little changed at $5.67 per million British Thermal Units. The prices have increased more than twice since the start of the year.
