Oil climbs on switch from gas and doubts over U.S. releasing reserves – Reuters

Oil climbs on switch from gas and doubts over U.S. releasing reserves – Reuters

MELBOURNE, Oct 8 (Reuters) - Oil prices rose on Friday, tracking towards a 4.2% gain for the week on signs some industries have begun switching fuel from high priced gas to oil and on doubts the U.S. government would release oil from its strategic reserves for now.

U.S. West Texas Intermediate (WTI) crude futures climbed by 84 cents, or 1.1%, to $79.14 a barrel at 0122 GMT.

Brent crude futures jumped 80 cents, or 1%, to $82.75 a barrel.