On Wednesday, US oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.

Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to say with their planned output increase rather than boosting it further.

US West Texas Intermediate (WTI) oil earlier rose to $79.18 a barrel, the highest since Nov. 10, 2014. The market was up 0.15 per cent, or 12 cents, at $79.05 a barrel, as of 0128 GMT.

Brent crude added 0.15 per cent, or 12 cents $82.68 a barrel, after rising to a three-year high in the previous session.

“Crude oil extended gains as investors fret about tightness in the market as the energy crisis hikes demand,” media said in a note.

• Just Dial Stocks Skyrocketed 15% On Announcement of Q4FY24 Business and Financial Updates
• Swing-Trading 101: Capturing Market Moves with Flexibility
• Jubilant Pharmova Shares Climbed 8% On Announcing Ceastion of Loss Making Arm’s Operations in Salisbury, USA
• Paytm Shares Gained 4.5% on NPCL’s Approval To Create New VPAs with Axis, HDFC, SBI, and Yes Bank
• Ambuja Cements Shares Gained 3% On Receiving Additional Rs 8,339 Crore Investment From Adani Group

“The (OPEC+) increase was well below what the market was expecting, considering the energy crunch across the globe. Not surprisingly, there is speculation that OPEC will be forced to move before the next scheduled meeting if demand continues to surge.”