Supported by scarce global supply and high fuel demand in the United States and other countries, oil prices reached their highest levels in several years, before stabilizing.

At its highest level since October 2018, world record Brent crude contracts ended the trading session at a high of 46 cents, to be recorded at $85.99 per barrel, having jumped earlier to $86.70.

West Texas Intermediate's U.S. gauge ore contracts closed stable at $83.76 per barrel, having reached the highest level since October 2014 at $85.41 per barrel.

Benchmark crude has both recorded gains of about 20 percent since the beginning of September. American crude rose for nine consecutive sessions, while Brent rose for seven.

After more than a year of stagnant fuel demand, gasoline consumption and distillation products returned to their five-year averages in the United States, the world's largest consumer of fuel.

Oil prices have also been supported by concerns about shortages of coal and gas supplies in China, India and Europe, prompting a shift to diesel and fuel oil to operate power plants.