WorldOil Brent crude passes $85 as energy crisis stokes oil demand Oil in London rose past $85 a barrel for the first time since 2018, the latest milestone in a global energy crunch that has seen prices soar. Global energy demand triggers unusual decline at U.S. oil hub Crude oil inventories at the biggest storage hub in the U.S. posted their steepest decline this week than in any October in five years as demand for exports and from refineries pull barrels to the Gulf Coast instead. OPEC credits its oversight with preventing oil price chaos Oil’s stability relative to natural gas and coal underscore that OPEC+ is doing a good job balancing supply and demand, said the energy ministers of Saudi Arabia and Russia. Putin’s pledge for more supply can’t stop Europe’s gas price surge European gas futures continued their march upwards on Thursday, even after Russia pledged to deliver as much supply as the continent needs. Oil prices rally as IEA sees gas shortages boosting crude demand Oil in New York surged past $81 a barrel after the International Energy Agency became the latest to say natural gas shortages are boosting demand for crude. Europe’s industrial sector cuts natural gas demand as prices soar Europe’s industrial sector has started to cut demand for natural gas, as record prices have made the fuel prohibitive for many consumers. Big swings in U.S. oil derivatives signal tightening supplies Big swings in the price of oil derivatives signaled that U.S. crude supply is getting tighter, adding another dimension to the volatility that’s gripping energy markets. U.S. likely to ask OPEC for more oil, says Daniel Yergin The U.S. is likely to ask OPEC member states to pump more crude to help ease a surge in energy prices, according to oil historian Daniel Yergin. Oil prices hold gains as energy shortages boost winter demand Oil in New York held above $80 a barrel on expectations that a power crisis from Asia to Europe will continue to lift demand, prompting banks to boost their price forecasts. World’s largest LNG exporter unhappy with high natural gas prices Qatar, the world’s biggest exporter of liquefied natural gas, said it’s “unhappy” prices are so high but is producing at maximum capacity.