The price of crude oil has risen above $85 a barrel and the commodity is set to make its 7th consecutive weekly gain. Crude oil hit a 3-year high on Thursday and continued to ride the escalator up making a 92-cent gain early Friday morning before settling around $82.78 for the December contract at the time of this writing. The gas shortage in Europe is a huge influencer on this current run, and with winter coming, it doesn’t appear it will end anytime soon. Investors seem to agree that as global energy demand is high, there is little reason to be short on crude oil. Crude is seemingly on a one way trip to the top and there doesn’t appear to be signs of it slowing down. Stay tuned for further updates.

Crude Oil Dec ’21 Daily Chart

RJOF Editorial Team