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Oil prices climb amid Europe's energy crisis

Markets reporter Ines Ferre examines pricing trends in commodities as Europe deals with an ongoing energy crisis.

Video Transcript

DAVE BRIGGS: All right, let's get you up to speed now on oil and energy prices. A nice pop to end the week. Ines Ferre has that.

INES FERRE: Yeah, Dave, and a nice pop, as you mentioned, for crude oil today. But it has been a volatile week for crude. But first, let's start out with some headlines that came out of Europe, a meeting in Brussels with EU ministers, saying that more work needs to be done in order to put a price cap on Russian gas. One of the proposals that was floated around was a levy on energy companies, but nothing really about demand. No silver bullet is what one minister said when it comes to the European countries and a price cap and a solution to the energy crisis happening there.

Taking a look at WTI today, up more than 3%, punching above $86 per barrel. Brent crude up above $92 per barrel, up 3 and 1/2%. A couple of reasons for this rally that we saw today. Yesterday, oil prices were up, but previously, in the week, we had seen them at eight-month lows. And part of this is because we have now a little bit of a softer dollar.

Demand for diesel and heating oil is expected to go up, to go higher as we go into the winter because the US will be exporting more to Europe as Europe tries to substitute these refined products for natural gas. And also, Russia saying, look, we are not going to export. If you guys put a price cap on any of our energy products, we're not going to export. So we are seeing today a nice rally for crude oil. Guys.