Singapore — Oil prices hit their highest in years on Monday as demand continues its recovery from the Covid-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.
US West Texas Intermediate crude futures climbed $1.12, or 1.4%, to $83.40 a barrel, highest since October 2014.“Easing restrictions around the world are likely to help the recovery in fuel consumption,” analysts from ANZ bank said in a note on Monday. They added that gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels per day in the fourth quarter.
The US oil and gas rig count, an early indicator of future output, rose 10 to 543 in the week to October 15, its highest since April 2020, energy services firm Baker Hughes Co said last week.
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