Crude oil prices went up on Friday, with concerns about tight supply and stockpiles fuelling bullish sentiment. At 1245 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.64 (+0.76 percent) to reach $85.25 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $83.13 a barrel, up by $0.63 (+0.76 percent). The price for Opec Basket was recorded at $83.30 a barrel with a 0.22 percent decrease, Arab Light was available at $82.48 a barrel with a 1.52 percent decrease, while the price of Russian Sokol slipped to $85.25 after shedding 1.48 percent. Meanwhile, funds that have spent years reducing their exposure to oil and gas stocks because of the ESG trend are now scrambling to get back in on the fossil fuel game, Oilprice.com reported. The OPEC has also been calling for more investments in oil and gas to fill the gap between supply and demand. In the meantime, however, it has kept a lid on production, limiting supply and fuelling the price rally. With this, it has once again established itself as the ultimate swing factor for oil prices as well as oil’s role in the global energy mix for the foreseeable future. With supply remaining tight, crude inventories are falling across the OECD and the US, adding to the upward potential of oil prices and boosting energy stocks further. And while there is some concern the rally will eventually end, this end is not exactly in sight yet, prompting fund managers to reverse their strategy from recent years. Meanwhile, inflationary pressures are also supporting higher oil prices. There are some who still believe rising inflation is a temporary problem, but others are wary as reflected by the increased interest of funds in energy stocks and the increased buying on oil futures markets.