Oil is being buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generationLondon — Oil prices hit multiyear highs on Monday buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation.
US West Texas Intermediate crude futures climbed 90 cents, or 1.1%, to $83.18 a barrel, after hitting a $83.73, their highest since October 2014.“Easing restrictions around the world are likely to help the recovery in fuel consumption,” analysts at ANZ bank said in a note, adding that gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels a day in the fourth quarter.
“The oil market deficit seems poised to get worse as the energy crunch will intensify as the weather in the north has already started to get colder,” he said. Prime Minister Fumio Kishida said on Monday that Japan would urge oil producers to increase output and take steps to cushion the impact of surging energy costs on industry.
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Oil prices hits highest levels in years amid Covid-19 recoveryBrent crude oil futures rise to 2018 levels as US West Texas Intermediate crude futures revisit 2014 peaks Investing today will save you the stress of financial crisis tomorrow.. Live the kind of life you want today by investing and trading Bitcoin. Trade with a professional trader and start making good profits today. Lisahawthorrne for transparency and trust.
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World shares dip on lower China growth and higher oil pricesGloal shares were lower after data showed slower-than-expected growth in China’s economy last quarter while surging oil prices fed inflation concerns. Investing today will save you the stress of financial crisis tomorrow.. Live the kind of life you want today by investing and trading Bitcoin. Trade with a professional trader and start making good profits today. Lisahawthorrne for transparency and trust.
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World shares dip on lower China growth and higher oil pricesGloal shares were lower after data showed slower-than-expected growth in China’s economy last quarter while surging oil prices fed inflation concerns. Investing today will save you the stress of financial crisis tomorrow.. Live the kind of life you want today by investing and trading Bitcoin. Trade with a professional trader and start making good profits today. Lisahawthorrne for transparency and trust.
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Oil prices hits highest levels in years amid Covid-19 recoveryBrent crude oil futures rise to 2018 levels as US West Texas Intermediate crude futures revisit 2014 peaks Investing today will save you the stress of financial crisis tomorrow.. Live the kind of life you want today by investing and trading Bitcoin. Trade with a professional trader and start making good profits today. Lisahawthorrne for transparency and trust.
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