Oil prices scale $85/bbl on back of supply deficit | Reuters

Oil prices scale $85/bbl on back of supply deficit | Reuters

Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products.

Brent crude futures were up 80 cents, or 0.95%, to $84.80 a barrel at 0930 GMT. Front-month prices, which earlier touched their highest since October 2018 at $85.10, are set to climb for the sixth straight week, heading for a 3% hike this week.

U.S. West Texas Intermediate (WTI) crude futures rose 73 cents, or 0.9%, to $82.04 a barrel. The contract is heading for a 3.3% gain on the week, up for the eighth consecutive week.

Strong stock markets on both sides of the Atlantic, often traced by oil prices, also gave a boost.