Crude oil price trades close to $82 a barrel for new seven-year high

Russian President Vladimir Putin has blamed the transition to green energy and low investment in the extraction industries for what he said were "hysteria and some confusion" on European markets where energy prices are surging

At an Opec+ meeting of producers earlier this week, Saudi Arabia and its partners opted for only a modest output increase of 400,000 barrels a day for November, taking many analysts by surprise as a spike in natural gas prices looks set to inflame demand for oil products this winter.

Oil climbed from a seven-year high as traders assessed the decision of oil producers to keep supplies fairly tight even as the world grapples with a natural gas crisis.

Brent for December gained $1.68 to $82.94 a barrel on the ICE Futures Europe exchange, while futures in New York advanced as much as 2%, heading closer to the key, psychological level.