Oil rises as Saudi Arabia rejects calls to increase production as demand grows

 Oil prices rose 1% on Thursday after major producer Saudi Arabia rejected calls to increase OPEC+ production and after the International Energy Agency said higher natural gas prices could boost demand for oil to generate electricity.

The market has largely ignored an unexpected increase in US crude inventories as refiners cut production.

Brent crude futures rose 82 cents, or 1 percent, at settlement to $ 84 a barrel, the highest settlement level since October 2018.

US West Texas Intermediate crude contracts also rose 87 cents at the settlement to $ 81.31 a barrel, recording a new seven-year high at the close.