Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were headed for a weekly loss amid uncertainty about global supplies fuelled by an OPEC+ impasse.

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British wholesale gas prices fell on Thursday morning as UK domestic production started to ramp up after outages and European carbon prices declined.

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Spot prices in Europe’s wholesale power market on Thursday dipped from contract highs a day earlier, as more German wind supply in the system and weaker demand ahead of the weekend relaxed the balance.

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Oil prices fell for a third day on Thursday amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned.

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The German spot power price hit a contract high on Wednesday as supply from wind and solar is forecast to fall on Thursday, while the French price dipped as nuclear availability rose.

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British wholesale gas prices rose on Wednesday morning as lower wind power output was expected to result in higher gas demand for power generation.

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Oil prices rose on Wednesday, recovering from a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect the world’s major crude exporters will turn on the taps to gain market share.

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European prompt power prices jumped on Tuesday as renewable generation is seen falling throughout the region Wednesday.

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Prompt British wholesale gas prices fell on Tuesday morning with forecasts for strong output from the country’s wind farms curbing demand for gas-for-power generation, while curve prices rallied on oil.

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Oil prices extended gains to hit some of their highest levels since 2018 after OPEC+ discussions were called off, heightening expectations that supplies will tighten further just as global fuel demand recovers from a COVID-19-induced slump.

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