Brent crude was up $1.20 cents, or 1.5%, at $83.59 a barrel by 0414 GMT, after gaining nearly 4% last week. U.S. oil was up $1.51, or 1.9%, at $80.86 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday.
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 blackouts and further electricity cuts because of coal shortages, while in China the government has ordered miners to ramp up coal production as power prices surge.The energy crisis sweeping the world is raising the prospect of a difficult winter to come as heating demand rises.
The speculator group increased combined futures and options position in New York and London by 8,902 contracts to 325,578 during the period, the commissions said.
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Source: Forbes - 🏆 394. / 53 Read more »
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Source: latimes - 🏆 11. / 82 Read more »
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Source: CNN - 🏆 4. / 95 Read more »
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Source: Forbes - 🏆 394. / 53 Read more »