COM - Crude oil wraps up eighth straight week of price gains

U.S. crude oil futures closed above $82/bbl at a new seven-year high, as a natural gas supply crunch in Europe and optimism about demand in the U.S. continued to propel the recent rally. November WTI crude (CL1:COM) closed +1.2% to $82.28/bbl, for the best front-month finish since October 2014, while December Brent (CO1:COM) climbed above $85/bbl in London for the first time since 2018 before settling at $84.86. WTI rose 3.7% for the week and Brent added 3%, the eighth straight weekly gain for both. ETFs: USO, UCO, SCO, BNO, DBO, USL Massive shortages of coal and natural gas in Asia and Europe has forced power plants to substitute crude oil for gas feedstocks, "a pattern not seen for at least a decade," Velandera Energy's Manish Raj tells MarketWatch. "So long as coal and natural gas shortage persists in Europe and Asia, crude oil prices have nowhere else to go but up," Raj says. "The

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Crude oil wraps up eighth straight week of price gains