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Oil prices rise above $80 as demand recovers

Economic News

Oil prices rise above $80 as demand recovers

 

Oil prices hit multi-year highs buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation.

 

Brent crude oil futures were up 59 cents, or 0.7%, to $85.45 a barrel, after hitting $86.04, their highest level since October 2018.

 

U.S. West Texas Intermediate (WTI) crude futures climbed 90 cents, or 1.1%, to $83.18 a barrel, after hitting a $83.73, their highest since October 2014.

 

 

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