Crude oil prices rise as demand expands

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Crude oil prices rose about 1.5 percent on Friday, and are heading for a weekly gain of close to five percent.

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This is with the increasing transformation of economic activities, especially industrial ones, to use oil instead of high-cost gas.

By 8:00 (GMT), Brent crude contracts for December delivery rose 1.16 dollars, or 1.42 percent, to trade at 83.11 dollars a barrel.

US West Texas Intermediate crude contracts rose $1.2, or 1.53 percent, to $79.5 a barrel.

Gas prices continue to record high records amid tight supplies, offset by an increasing rise in demand in Europe with the approach of winter.

Gas prices increased this week by 20 percent to reach $32 per million British thermal units, prompting many industries to switch to using oil as fuel.

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Crude prices received a boost after the US Energy Department said on Thursday that it currently has no intention of withdrawing from the US strategic crude stockpile to curb prices.

Crude prices are heading to record weekly gains of about 5 percent, as a result of a rally that began after the “OPEC” decision last Monday, to maintain production restrictions.