search

Crude Jumps on Global Energy Crunch; US Oil at 7-Year High

LONDON—Oil prices rose 2 percent on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers. Brent crude was up $1.62 cents, or 2 percent, at $84.01 a barrel by 0914 GMT, The highest level since October 2018. U.S. oil rose $1.95, or 2.5 percent, at $81.30 a barrel, the highest since late 2014. Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S. crude for seven. Coal and gas prices have also been surging as economies recover, making oil more attractive as a fuel for power generation, pushing crude markets higher. In India, some states are experiencing electricity blackouts because of coal shortages, while in China the government has ordered miners to ramp …

Related Post

This website uses cookies.